Effective Planning for Your and Your Business’s Future
While most business owners are busy keeping their companies alive in an era of economic uncertainty while plotting long-term growth, who might succeed you as head of the company is a reality that must be planned for now. And succession planning doesn’t simply mean what you’d ideally like to happen when you eventually retire or pass on, but putting a contingency plan in place should a health crisis or financial tragedy strike.
Schneider has assisted hundreds of Indiana business owners in planning for all such scenarios, whether you’re one of several shareholders, leading a family business or want to continue receiving income after you’ve retired (retirement plans and insurance is part of this discussion).
Among the areas we’ll need to examine:
How realistic your expectations are
The timing of your exit from the company
How long it will take to prepare and groom your successor
How best to get everyone on board with the plan, if needed
The impact your exit will have on remaining owners/shareholders, your managers and other key personnel, as well as on important business relationships
The financial implications of your departure
Differences between your leadership style and business vision and those of your successor
What might be fair among multiple successors in a family-owned business
Which tax strategy to implement regarding federal and state gift and estate taxes and exemptions
Contingency plans for your injury or disability, unforeseen economic hardship and, after you’ve left, the successor deciding to depart or sell the company
As the saying goes, “time waits for no one”; you must make succession planning a vital priority. Call us today and schedule your confidential consultation.
At Schneider, we adhere to the belief that you can and should plan for your future—before the unpredictability of life has a chance to dictate your future: It’s to your advantage to plan for succession—and other key areas, like your finances and protecting your family—before you find yourself in a compromising position. With a proactive, big-picture approach, we become our clients’ trusted advisors and allies, in all that they do.
Because we look at how the areas of your life intersect and cooperate, we can work together on developing a plan that fits your unique needs and accounts for your goals, both professionally and personally. In general, we’re conservative and risk averse to ensure that you retain all that you’ve worked for, but we remain flexible in adjusting your plan as your life shifts and grows.