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Orientation
Business Planning
Ownership Transition
Financial Security
Leadership Development
Estate Tax Provisions
Annual Review
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Plan for Ownership Succession

Once the successor has been identified, the owner’s need for cash has been quantified, and potential funding sources have been located, begin identifying the options for ownership transfer. Options may include gifting; selling or redeeming the owner’s interest; selling business assets; and tax-free split-offs.

Budget for the Owner's Post-Retirement Cash Needs or the Next Vocational Opportunity

Besides helping the owner buy in to the idea of transferring ownership in the business, addressing his post-transfer financial needs will help identify which ownership transfer techniques are best for his circumstances. The first step in determining how much cash the owner will need from the ownership transfer is to quantify the amount needed to fund his desired lifestyle.

Identify Potential Successors and Begin Leadership Development

Successfully transitioning management responsibility is critical to any business. Without a prepared, competent successor ready to assume the role of top decision-maker, the owner’s retirement, death, or disability is very likely to cause the business to falter or even fail.