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Business Succession Planning

It’s your business. It’s more than how you earn a living. Like most successful entrepreneurs, it’s your life’s work.

Your business reflects your dedication, your skill, your knowledge and ultimately, it’s a source of financial security for you and your family.

That’s why transitioning your business to an outside party, a valued colleague, or especially your son or daughter – is an event that requires thoughtful planning, and the right team to help you do it.

Laciak>cpa can help plan your business succession.

As a leading accountancy group for nearly 40 years, Laciak>cpa is uniquely qualified to offer financial consulting for your business, including every phase of business succession planning and execution.

In fact, Laciak>cpa founder and president Joe Laciak is living the process, as he transitions his own business to his sons, Brian and Geoff.

Below are some considerations to get you started in the Business Succession process. Or, call the professional team at Laciak>cpa. We can get you started and equipped to make the best decisions moving forward.

  1. Build a team of experts to help you transition your business.
  • A certified public accountant or CPA
  • A certified financial planner or CFP
  • A Banker/lender
  1. Considerations vary depending on the nature of the succeeding party.
  • Family
  • Business
  • Competitor
  1. Your existing workforce will be impacted.
  • Manage expectations of your workforce during the transition.
  • Will they facilitate or hinder the transaction?
  • Consider who will train your successor.
  1. Interested buyers will want to inspect your financial figures.
  • Ensure ongoing and accurate financial reporting.
  • Know how to interpret your numbers.
  • Budgets and projections that arrive at the numbers your buyer wants to see.
  1. Expect to realize full value from your business and secure wealth for retirement.
  • Ascertain the sufficiency of your personal net worth.
  • Conduct a thorough valuation of your business.
  • Determine if a bank loan is feasible or whether to sell on contract.
  • Review and consider all tax implications and strategies.

Laciak>cpa. Information is power. Having the right CPA is wealth.®

 

Request More Info

To request more info about Laciak's Business Succession Planning services please contact:
Margaret Griggs, - 1540084253moc.k1540084253aical1540084253@sggi1540084253rgm 1540084253 1540084253   or call (219) 864-7000