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Succession Planning
You built a business; years spent working, sacrificing and creating something you care deeply about. Passing it down to the next generation may be a part of your overall plan. How you go about it though, differs from owner to owner. Depending on your business type, your retirement plan and the next generation, you have a variety of options available.
As you start thinking through your transition, some questions you will want to consider are:
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when do you want to be done working?
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when will this transition start?
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how much do you want to be paid for your business?
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will you be providing a discount on the value of the business?
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will this sale be an immediate transfer or will it occur in phases?
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what taxes are you being incurring through the sale?
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what is being transferred with the business?
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can the intended successor afford to purchase the business?
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if you wish to provide for other beneficiaries in your estate plan, how will you treat them fairly?
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was is your plan regarding long term care coverage?
Though this list is by no means comprehensive, it will allow you to start developing your goals.
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