Any business owner knows that it is important to think about the future of your business. As you age, you also begin to think about what will happen to your business once you retire, which brings you to a process known as succession planning.
What is Succession Planning?
Succession planning is the process of determining the new leaders of your business. Determining who will take over your business when you retire may not be easy to think about, but it is a necessary step that can help to bring you peace of mind. Developing a well-designed succession plan is essential for the survival of your business, especially if it is a family business that you intend to transfer from one generation to the next.
Here at Ryder & Company, we can assist you in making this difficult decision easier. To begin, there are several questions you should take into consideration.
- Should I keep my business in the family or sell to a third party?
- Who’s going to run the business when I’m gone?
- How can I protect my family from the tax burden of transitioning the business?
- How do I make it fair for everyone involved?
As you think about these questions and start to determine the answers, you will be formulating the basis of your succession plan. If you built your business from the ground up, it will be difficult to move on, but knowing your business is in good hands will help make the transition easier.
If you’re ready to set up a succession plan and wish to discuss more, contact Ryder and Company today to schedule your free consultation. We have assisted many companies in and around the Wyomissing area in setting up their succession plans, with a focus on business valuation, business restructuring, and tax consequences and projections. We look forward to helping you!
Ryder & Company is located in West Lawn, PA and offers a variety of accounting services, part-time CFO services, payroll preparation, and much more! We also offer tax preparation for individuals, as well as businesses and nonprofit entities. We assist many individuals and businesses in and around Wyomissing, Exeter, and Reading.