Succession Planning

Business succession planning expertise

Transition formulas = success

Carefully crafted for a lasting legacy.

A crucial turning point for many family owned businesses occurs when retirement becomes reality. Turning a business over to new leadership requires an in-depth knowledge of the inevitable emotions, opportunities and issues that are likely to transpire. Boyum Barenscheer’s succession planning team spends time getting to know our clients, understanding their situation and ultimately crafting a succession plan that is in their best interest.

Succession planning services

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FAQs

 
What is my business worth?

That depends on a number of factors, such as the marketplace the business resides in, the efficiency of your business along with the cost of capital and other factors. Our business valuation team would be happy to work with you to answer this question.

 
Do I have enough to retire in the lifestyle I want?

This really comes down quantifying the cost of retirement into today’s dollars and comparing that to your assets. Our wealth management team has helped many people answer this question’ they would welcome the opportunity to discuss with you.

 
What kind of tax is due if I sell my business?

The tax due on the sale of your business can vary substantially based on a number of factors. The entity structure and nature of assets can have a significant impact on the tax liability associated with a business sale. Our tax specialists can give you several options to minimize the tax due on the business sale.

 
How do I go about selling my business?

Hopefully, this is a long-range goal as intentional planning will provide a successful transition. A good place to start is to get an idea of what your business is worth today. If it is not what you’d like; implement strategies to improve your company performance. Your company is worth more if it is performing efficiently.

 
What are the steps of succession planning?

Succession planning involves looking to understand a number of factors:
1) Your business and its strengths and weaknesses, 2) the marketplace that your business is in, 3) Look to transfer methods and understand the tax implications of each, 4) Develop strategies to achieve the chosen goal, 5) Be aware that you’ll need to update as events can cause a change of course.

 
Why is it important to have a succession plan in place?

A succession plan can maintain the viability of the business going forward and meet the financial needs of the retiring owner. The plan should also address the needs and fears of employees, creditors, customers and vendors. And of course, we hope to come alongside you in the early stages of drafting your plan to assist you in minimizing any taxes due when transition finally occurs.

 
How can I maximize the value of my business?

A good place to start is to get an idea of what your business is worth today. If it is not what you’d like, implement strategies to improve your company performance. Your company is worth more if it is performing efficiently. Your company should perform favorably against industry benchmarks. Also look at your company from the buyer’s perspective. Buyers pay more from businesses with cash flow that easily transitions. How does your company cash flow transition?

Contact Tom for more info

Tom Margarit, CPA, MBA, CGMA

Whether Tom is working on an audit, tax return, or business plan, treating the client fairly, honestly, and with compassion is his first objective.  Within the firm, he continually strives to instill this objective in all, believing good client service is the basis of a successful accounting practice…