Business Succession

Research finds that 1 in 3 business owners have done nothing to prepare for the transition of their assets and wealth throughout the life cycle of their business. That is from startup to development and establishment to maturity.

Godbold, Romanov & Love CPAs will help you tackle the decision-making, along with all of the complicated factors involved in business succession, when it comes to the next steps for the future of your company.

We’ll consider personal, family, wealth, tax, retirement, and estate perspectives, such as whether or not to transition your business to a family member or sell it to a third party by assessing:

• Your vision and setting clear and defined goals
• Your decision-making inputs
• Your options, after careful analysis

Several key assessment areas we will critically examine to decide on the best move for your business succession include:

• Your child’s or other family member’s aspirations and qualified skills to take over the business. Our professionals will help facilitate the communication among family members.
• The future viability of your business by assessing the industry overall and your business specifically. We’ll help you understand the risks of future competition, potential challenges, changes in law or legislation, and benefits of keeping or selling the business.
• The value of your business, which puts a financial context on the new owner’s succession and impacts the current business owner’s exit or retirement.
• The salability of your business, which may depend on the type of business or industry, dependence of the business on the owner-operator, location, economy, and more.