Protect your investments before it’s too late…
The “baby boomer” demographic wave is now reaching the retirement age. Either you or somebody you know is going to have to give deep consideration to the future of their business in the next few years.
However, wealth preservation and thinking about retirement is not always top of mind when you’re operating a business. Finding new customers, keeping existing ones happy, managing staff or handling your finances often takes priority.
You’ve poured blood, sweat, and tears to build your business. In all likelihood, you want to see your business succeed and grow even after you’ve left it. So what next?
Unfortunately, it’s often necessary to shut down an otherwise healthy business when the owner of a business decides to retire, or becomes incapacitated or God-forbid passes on. Why? Because there is no plan in place. Planning for the future is incredibly important to ensure that all that hard work doesn’t go to waste.
The decisions you make now will affect the future of your business, customers, employees and, most importantly, your family. Many different personal and business aspects should be taken into consideration in your planning.
- What happens to your investment into the business?
- How will your family be compensated?
- Can the organization continue without you, or is there a replacement for your functions?
- Right now is also a good time to plan an efficient transfer from a tax perspective possible applicable estate taxes, capital gains and other unforeseen traps.
Those questions are just the beginning. At the same time, succession planning from the business owners perspective versus family’s perspective can be convoluted and become an emotional ride. Determining who gets what and when can lead to stress, arguments or hurt feelings.
Without having a succession plan (transfer of ownership) or an estate plan (transfer of personal wealth) you are more than likely doomed to failure. This isn’t a topic that people want to consider which is why it’s so important to work with somebody you trust and that has the expertise to handle it.
Talk to us at Accounting Plus to see how we can protect your business and the interest of your family including you. Call us at 416-495-1098 or email us at firstname.lastname@example.org.