When you are the owner of a family business, figuring out what comes next after you retire is more complicated than simply retiring from work. Our advisors at Apex understand that small business owners face a multitude of challenges when they retire, and are prepared to help you navigate the daunting list of issues to consider. Below is a link to a highly informative webcast from Forbes.com, on how to develop a comprehensive succession plan. The webcast features experts from Ernst & Young LLP.
Throughout the webcast, the experts cover a range of issues that any family business owner would encounter while planning for succession. The very first decision any owner will have to make is whether or not they want to keep or sell the business. The “keep vs. sell” decision is the fork in the proverbial business road that will determine which path is right for you. Our Apex advisors can help you assess your financial situation, and determine which path best fits your needs, and how to proceed after the decision has been made.
Furthermore, any business owner needs to do a personal assessment. How much retiring do you actually plan on doing? Finding a balance between retirement and control at your business is important for planning the financial aspects of retirement. While your retirement may still include time at the store, finding and assuring that key management positions are retained is another important decision.
An Apex advisor can also assist you in address the family matters that arise when navigating your business’s succession planning process. Which family members inherit what can disrupt the harmony in your family and as a result, it is a delicate process. Our advisors are more than prepared to help you “equalize” inheritances between family members involved in the business and those that are not.
These are just a small sampling of succession planning problems and solutions. The webcast provides more in-depth information that can alleviate your initial concerns about succession planning. No matter what choice you make, an advisor can help make the transition a smooth and peaceful one, from start to finish.