Transitioning Your Privately Held Business

September 21, 2020 by Mike Esser
Copeland Buhl

There comes a point in time when every business owner is ready to take a step back.  Most business owners start their business with dreams of financial independence and a sense of freedom.  Eventually those owners are ready to reap the benefits of all those years of hard work.

Planning for this transition is instrumental for a smooth & successful transition of your business.  Proper planning can take many years, so the sooner you start planning for transition, the better.

Business transition or succession planning can take many different forms, including:  Transitioning the business internally to family or employees, sale to an outside party, or stepping back and becoming a silent business owner.  Each of these options has its own set of complexities and steps to prepare for both operationally and from a tax standpoint.

Every transition is going to look a little different, identifying the goals of the business owner is the first step in solving the puzzle and putting together a roadmap for a successful succession plan.  As experienced business advisors, we pride ourselves in asking the right questions and actively listening the business owners needs and desires.

Proper succession planning can save business owners thousands in potential taxes and also give them the peace of mind that they have properly thought out the process and left their business in successful hands for the future.

It’s never to early to start the conversation about succession planning, this plan can change and develop over the years, but having an end goal in mind and a roadmap to get there is imperative to a successful transition.  At Copeland Buhl we have the expertise to help put together a roadmap and guide you through this transition.  Contact us to start the conversation about succession planning and we can provide you with a list of resources and next steps that you should take to start the planning process.