Home Entrepreneurship The Use of Teams in Business Succession Planning

The Use of Teams in Business Succession Planning

by Olufisayo
Use of Teams in Business Succession Planning

Professional advice can be invaluable and very essential if you anticipate that your business will have a market value based on something other you’re your personal skills and goodwill when you retire.

Although it is possible to structure your own business succession plan, the use of teams helps you to achieve a greater result.

The team members you choose to help plan your business success will depend upon the size and complexity of your business, its stage on the business life cycle, and your personal career stage.

Taxation and Business Succession Planning

Tax minimization strategies shouldn’t drive the business succession planning process. They should be an integral part of any decisions that are made.

Tax planning involves more than simply minimizing the taxes that you and your business pay on an ongoing basis.

       

The estate planning process is designed to accomplish the following goals:

  • Taking full advantage of tax exemptions available to you and other shareholders when you sell your business.
  • Deferring tax liabilities from one generation to the next.
  • Reducing any probate fees that may be charged to your estate upon death.
  • Structuring your estate to minimize the tax liability of your estate and help ensure that funds are available to cover this liability.

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2 comments

The Secrets to Building a Successful Business Team May 13, 2011 - 4:35 PM

[…] a Successful Business Team May 12, 2011 / Olufisayo / One comment Building a successful business team is probably one of the most difficult parts of creating a successful business. Whether you’re […]

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