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Business Succession Planning

Strong succession planning is key to the future of your business. After working for years to build your company, you need a solid plan in place to ensure its continued success and growth after your departure.

Whether you’re looking to retire or start a new venture, 415 Group will help you develop and implement an exit plan to protect one of your most valuable retirement assets: your business. Contact us to request a consultation.

The Benefits of Writing a Business Succession Plan

A business succession plan, also known as “replacement planning,” allows your business to make a smooth transition, after your departure.

So why do you need a business succession plan and why is it important for small businesses? Whether you plan to sell your Stark County business or keep it the family, small business succession planning can help preserve everything you created and ensure it remains successful for years down the road.

Passing your family-owned business on to the next generation requires ample planning whether you intend to gift of sell the business. By working with 415 Group to write your business succession plan, we can help you evaluate your transfer options and consider any tax implications. We recommend business owners follow seven steps for succession planning:

  1. Be proactive by creating a succession plan early on
  2. Pinpoint the best candidates to take over
  3. Know the value of your business
  4. Notify all parties and engage with an expert
  5. Properly train anyone stepping into new positions
  6. Conduct a trial run of your succession plan
  7. Identify future hiring gaps

Work with Succession Planning Consultants

At 415 Group, we know that family business succession planning should be proactive, not reactive. With extensive experience in business valuation and mergers and acquisitions, our seasoned team can expertly advise on the structure and tax implications of these transactions. As strategic consultants, we understand not only the financial and legal ramifications of transferring ownership, but the relationship dynamics that occur within your business.

It’s never too early to begin planning your future, so give us a call at 330.492.0094 or complete the form below to get started.

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