Entrepreneurs often spend so much time building their business, they give little thought to how they'll leave it and often get blindsided by the amount of time it takes to create and execute an effective succession plan. Owners often associate succession planning with simply choosing a successor.
Personal financial planning will play a role in the succession plan whether you intend to sell the business to an outside party or gradually transfer your interest to a key employee or family member. Entrepreneurs, particularly those with family members involved in the business, often dread actually naming a successor because they anticipate it causing rifts among employees and family members. Again, having an analysis of the business and its future needs to continue its success gives you a platform from which to discuss issues with those affected. Open communication plays an important role in smoothing the way for your successor.
Planning how you'll leave your business can be difficult emotionally, financially and logistically. Involving your key advisors and seeking help from succession planning professionals can help you identify important details while keeping the big picture in focus. Start early, so you'll have the time you need to create, finance and execute a successful succession plan.
As a business owner, there are many good reasons to offer a retirement plan for your employees. Regardless of the type of business you are, the number of employees you have, or how long you've been in business, there are options available. Having a qualified plan will help you attract and keep quality employees. They are better able to save for retirement through payroll deduction, allowing compounding and bigger retirement savings thanks to pre-tax dollars.
There are also flexible plan options for the employer as well, this is why it is important to work with an advisor when going through this process. Having an advisor who has done this before brings advantages like customizing provider and product selection, plan monitoring and reporting, help with retirement readiness, and encouragement for participant engagement, and fiduciary advice and management.
Whatever your needs may be, we can find a fit for you. Give a call today to get things started!