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We equate succession planning
to an Olympic relay race, where each hand-off is crucial to the next segment in
the race, meaning the next phase of your business. In order to maintain
adequate momentum in the race, athletes practice the hand off hundreds - if not
thousands - of times before race day to ensure the highest probability of
success. Does your transition process deserve the same level of confidence and
experience in the "hand-off" process? We think it does.
Although every
business is unique and every owner has different goals in a transition, our
eight-step process consistently provides optimal results to a transition of
value and control of our clients. Without experienced guidance, many companies
complete the steps out of order, causing much damage to relationships with both
family and key management and to the value of the company in the process.
We also ensure that our clients avoid a common mistake - that tax
planning is the key to a successful transition. An effective tax planner can
certainly develop strategies that minimize estate, gift and income taxes, but
this should occur only after the overall transition plan
and economics have been designed to meet the goals of all parties
involved. No matter how talented and earnest your professional advisors are, if
their specialties are not focused on the overall transition plan then they
should not dictate your choices for your business or your family. Our
process is clear. We help you complete the first five steps in the
order they appear above, then we work with your other advisors to optimize the
legal and tax structure around the plan that is the foundation of a successful
transition.
All businesses face succession issues at one time or
another, and in one way or another, during their lifetime. Whether transferring
control internally or to an outside buyer upon a sale, one thing always remains
true - an inefficient transition will cripple the company and potentially
destroy the value you have worked so hard to create. Given the crucial nature
of these transitions, you deserve a resource that has been down the road
hundreds of times, successfully navigating transitions of value and control, so
the hand off is clean and the momentum is not lost.
As instructors and
advisors to many local organizations, including the Goering Center for Family
and Private Business, we utilize these eight steps to benefit hundreds of local
businesses who are seeking a seamless transition of value and control of their
business. We are proud of our partnership with the Goering Center and welcome
you to visit them on the web at www.Goering.UC.edu
We welcome the
opportunity to discuss how our expertise can assist you in accomplishing your
transition goals. |
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