Strategic guidance + systems to manage daily details

MyCFO: Succession Planning


Preparing now for your company’s future!

Making a decision to sell/transfer your business is momentous. If you are nearing retirement, you’ve likely spent most if not all of your career building up the business – so handing it off to someone else is no small task. If you are many years from retirement or transitioning the business, a succession plan is still a good idea. If you have partners, do you have a buy-sell agreement in place? How will remaining ownership replace the expertise of the departing partner?  Click here for our one-sheet brochure.

Selling to partners, employees or outside buyers?

MyCFO can help with these issues when selling to partners, employees or outsider buyers:
• What is the value of your business?
• If you plan to sell (vs. transfer), how can you maximize the purchase price?
• What is the best payment structure, given your income needs, taxes and the financial ability of the buyer?
• If you have partners, how should your buy-sell agreement be structured?
• What financial statements are necessary for buyers, and how many years of history?
• Are financial statement projections important?
• What are the most effective ways to minimize taxes on the transfer?
• How can your personnel be prepared for the transition?

Transferring to family members?

If you are transferring to a family member, there are numerous issues that MyCFO can help you address, including:
• If you intend to transfer to family, what are the gift planning and your income planning considerations?
• If maintaining ownership within the family, what are pros/cons of entity selection such as Family Limited Partnerships or Limited Liability Companies?
• How to recapitalize equity?
• Should assets be transferred into a Grantor Retained Annuity Trusts?
• How can you effectively mentor your next-in-line?
• If you have multiple children but only one is getting the business, what are options for equitable estate planning?
• What are other short- and long-term considerations?

Contact MyCFO to learn how we can meet your needs now and in the future.

146 Main St. Medway, MA 02053 | Phone 508-243-1684 | Fax 508-553-9789 |