311 W. Fletcher Avenue
At Adcock Financial Group, our clients come first. As your fiduciary, we act on your behalf with a duty to preserve good faith and trust. We always put the needs of our clients ahead of our own. We strive to provide the highest level of service in every client interaction. We are passionate about client education, arming our clients with the tools they need to make informed decisions regarding their personal and business finances. Meet with one of our experienced financial services representatives to determine what we can do for you and your business.
Business succession planning involves creating a plan for someone to run or own your business after your retirement or in the event of your incapacitation or death. Essentially, succession planning is a plan to move through the process of passing control of the business to other(s). Sometimes referred to as business continuation planning, succession planning determines the business owner’s goals regarding the disposition of their business and its interests. When well structured, a continuation plan addresses contingencies that could potentially compromise the ongoing viability of an organization.
Business succession planning is an essential component of running and operating any business, especially for small business owners or owners who are nearing retirement. Planning ensures a smooth transition for the company and its associates and can mitigate any adverse effects when done ahead of time. Another reason succession planning is important is that many organizations suffer when an owner unexpectedly passes away suddenly or unexpectedly. Having a plan ahead of time creates an atmosphere of certainty and security that the business will continue to thrive if the unexpected occurs.
A sound business succession plan includes clearly defined goals. The more detailed and precise these goals are, the better. You will need a professional advisor in this process to assist in fact-finding, determining tax consequences, outlining strategies, and minimizing risk.
Your business must have a plan for the continuation of its success. Whatever the reason may be, there will eventually come a time when your business will need to transfer ownership or control. Whether it is because you are ready for retirement or otherwise, it is vital to have a plan ahead of time. Our financial professionals have the experience and skills needed to help you create a successful succession plan for your business. Don’t wait any longer. Schedule an appointment today.