Financial Planning For Your Future
As a business owner, you are eventually going to need to exit your company, either through retirement or sale.
Having the ability to pass your business down to your children or family members is a wonderful and cherished concept, but isn’t always the seamless process you might expect. More than 70 percent of family-owned businesses do not survive the transition from founder to second generation, as they often fall prey to either estate taxes or family discord.
The success of this transition means the difference between being financially sound for life or losing the value of many years of hard work. Developing and implementing a well-designed plan is essential to the long-term success of the business you've grown and developed from the very beginning.
Whether you are passing down your business or planning on selling it to a third party, it's important to keep this concept in mind: for your business to truly be a realizable asset for you and your family, you need to be constantly building it with a eye toward ultimately selling sometime in the future. That focus gives you a greater awareness of the need to systematize your business and make it less dependent on you.
With the experienced business advisors at EG Conley, you have the financial planning and succession planning tools you need to prepare your business for the future.