{"id":81,"date":"2021-02-04T13:03:43","date_gmt":"2021-02-04T21:03:43","guid":{"rendered":"http:\/\/www.taxmarketingwebinar.com\/JohnSmith2\/?page_id=81"},"modified":"2021-02-04T13:11:08","modified_gmt":"2021-02-04T21:11:08","slug":"plan-for-your-succession","status":"publish","type":"page","link":"https:\/\/legacycpatn.com\/business\/plan-for-your-succession\/","title":{"rendered":"Plan For Your Succession"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|desktop&#8221; admin_label=&#8221;section&#8221; _builder_version=&#8221;4.8.2&#8243; background_color=&#8221;#0a2972&#8243; custom_padding=&#8221;70px|0px|0px|0px|false|false&#8221; custom_padding_tablet=&#8221;50px|0|50px|0&#8243; custom_padding_phone=&#8221;&#8221; transparent_background=&#8221;off&#8221; padding_mobile=&#8221;off&#8221; make_fullwidth=&#8221;off&#8221; use_custom_width=&#8221;off&#8221; width_unit=&#8221;on&#8221; global_module=&#8221;7717&#8243; saved_tabs=&#8221;all&#8221;][et_pb_row _builder_version=&#8221;4.4.9&#8243;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.4.9&#8243;][et_pb_post_title meta=&#8221;off&#8221; featured_image=&#8221;off&#8221; _builder_version=&#8221;4.4.9&#8243; title_text_align=&#8221;center&#8221; title_text_color=&#8221;#ffffff&#8221; title_font_size=&#8221;36px&#8221; title_line_height=&#8221;1.5em&#8221; custom_margin=&#8221;0px||18px||false|false&#8221;][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.4.9&#8243;][et_pb_row padding_mobile=&#8221;off&#8221; column_padding_mobile=&#8221;off&#8221; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;27px|0px|5px|0px&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.0.47&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;4.4.9&#8243; header_font=&#8221;Abel||||&#8221; header_2_font_size=&#8221;30px&#8221; text_orientation=&#8221;center&#8221; module_alignment=&#8221;center&#8221; custom_margin=&#8221;||||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; border_style=&#8221;solid&#8221;]<\/p>\n<h2 style=\"text-align: left;\"><strong>Business Succession Plan<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.4.9&#8243; custom_margin=&#8221;||10px||false|false&#8221; border_style=&#8221;solid&#8221;]<\/p>\n<p>Succession planning for your business is all about creating a strategy and plan for someone to own or run your business when you no longer want or are able to do so. Whether you plan to pass the business on to a family member or sell it to a business partner, employee, or other buyer, passing on the control of your business to someone else can be complicated. Let us help you put together a business transition guide as part of your long term business plans. This can help ensure that that the transfer of the business goes as smoothly as possible.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;3_5,2_5&#8243; _builder_version=&#8221;4.4.9&#8243;][et_pb_column type=&#8221;3_5&#8243; _builder_version=&#8221;4.4.9&#8243;][et_pb_text _builder_version=&#8221;4.8.2&#8243; header_3_text_color=&#8221;#000000&#8243; header_3_line_height=&#8221;1.7em&#8221;]<\/p>\n<h3><strong>Why Should I Have a Business Succession Plan?<\/strong><\/h3>\n<p>Having a thorough business transition strategy can help you overcome issues that may arise when the time comes to transfer your business. Planning for your succession can help:<\/p>\n<ul>\n<li>Ease the transition by ensuring the successor is prepared to take on the running of the business.<\/li>\n<li>Ensure that your retirement plans are on track.<\/li>\n<li>Find optimum ways for your business to passed on to heirs if that is your plan.<\/li>\n<li>Prepare your business for unexpected events.<\/li>\n<\/ul>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;2_5&#8243; _builder_version=&#8221;4.4.9&#8243;][et_pb_image src=&#8221;https:\/\/legacycpatn.com\/wp-content\/uploads\/2020\/11\/cash-flow-management.jpg&#8221; alt=&#8221;business succession&#8221; _builder_version=&#8221;4.4.9&#8243;][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.4.9&#8243;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.4.9&#8243;][et_pb_button button_url=&#8221;#schedule&#8221; button_text=&#8221;Contact Us Now&#8221; button_alignment=&#8221;center&#8221; _builder_version=&#8221;4.4.9&#8243; custom_margin=&#8221;30px||30px||false|false&#8221; box_shadow_style=&#8221;preset1&#8243;][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.4.9&#8243; custom_margin=&#8221;||0px||false|false&#8221; custom_padding=&#8221;||0px||false|false&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.4.9&#8243;][et_pb_text _builder_version=&#8221;4.8.2&#8243; header_3_text_color=&#8221;#0a2972&#8243; header_3_line_height=&#8221;1.7em&#8221; custom_margin=&#8221;||0px||false|false&#8221; custom_padding=&#8221;||0px||false|false&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h3><strong>Important Things to Consider When Creating a Business Succession Strategy:<\/strong><\/h3>\n<p><strong>Do you intend to pass the business on to a family member or sell it?<\/strong> Is this part of a retirement plan or your estate plan? There are different things to consider depending on when and how you exit your business. If you decide to pass the business on to a family member, timing can play a big factor in the tax implications and how you handle that transfer.<\/p>\n<p>If you intend to sell your business, getting your company in tip top shape is key to getting the most out of your business financially. If you need help getting your business prepared to sell or any other <strong><a href=\"https:\/\/legacycpatn.com\/business\/business-financial-consulting\/\">business consulting services<\/a><\/strong>, we can help!<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.4.9&#8243;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.4.9&#8243;][et_pb_text _builder_version=&#8221;4.4.9&#8243; custom_margin=&#8221;0px||||false|false&#8221; custom_padding=&#8221;0px||||false|false&#8221;]<\/p>\n<p><strong>How much is your business worth?<\/strong> Conducting a business valuation is a good idea whether or not you intend to sell it. Knowing how much your business is worth can help you plan for your retirement, evaluate tax implications, and even help attract investors or possible buyers.<\/p>\n<p><strong>Is your successor prepared to run the business? <\/strong>Training future owners can be a critical step in the success of the business long term and will help the business stay intact through the vulnerable transition time.<\/p>\n<p>Let us help you answer all these questions and more with our succession planning services.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.4.9&#8243;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.4.9&#8243;][et_pb_button button_url=&#8221;#schedule&#8221; button_text=&#8221;Contact Us Now&#8221; button_alignment=&#8221;center&#8221; _builder_version=&#8221;4.4.9&#8243; custom_margin=&#8221;30px||30px||false|false&#8221; box_shadow_style=&#8221;preset1&#8243;][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row disabled_on=&#8221;on|on|on&#8221; 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_builder_version=&#8221;4.4.9&#8243; background_layout=&#8221;dark&#8221; custom_margin=&#8221;80px||||false|false&#8221; box_shadow_style=&#8221;preset1&#8243; button_letter_spacing_hover=&#8221;0&#8243; button_text_size__hover_enabled=&#8221;off&#8221; button_one_text_size__hover_enabled=&#8221;off&#8221; button_two_text_size__hover_enabled=&#8221;off&#8221; button_text_color__hover_enabled=&#8221;off&#8221; button_one_text_color__hover_enabled=&#8221;off&#8221; button_two_text_color__hover_enabled=&#8221;off&#8221; button_border_width__hover_enabled=&#8221;off&#8221; button_one_border_width__hover_enabled=&#8221;off&#8221; button_two_border_width__hover_enabled=&#8221;off&#8221; button_border_color__hover_enabled=&#8221;off&#8221; button_one_border_color__hover_enabled=&#8221;off&#8221; button_two_border_color__hover_enabled=&#8221;off&#8221; button_border_radius__hover_enabled=&#8221;off&#8221; button_one_border_radius__hover_enabled=&#8221;off&#8221; button_two_border_radius__hover_enabled=&#8221;off&#8221; 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Whether you plan to pass the business on to a family member or sell it to a business partner, employee, or [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":0,"parent":61,"menu_order":11,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_yoast_wpseo_focuskw":"business succession","_yoast_wpseo_title":"Business Succession Plan | Legacy CPA of Hixson, TN","_yoast_wpseo_metadesc":"Do you have a plan for the succession of your business? You should! Contact Legacy CPA about your Tennessee or Georgia business.","_et_pb_use_builder":"on","_et_pb_old_content":"<h1 style=\"text-align: center;\"><span style=\"color: #ff0000;\"><span style=\"text-decoration: underline;\">WARNING:<\/span> Passing Your Business to a Family Member or Associate Can Be a Risky Proposition.<\/span><\/h1>\r\n7 out of 10 family owned businesses will not survive the transfer of the business from one generation to another. Lack of planning and discomfort discussing topics such as aging, death, and financial affairs will more often than not result in loss of a business due to estate taxes, family discord, or some combination thereof.\r\n\r\nIf you want to assure that the business you worked so hard to build will be there to support future generations, you must clarify your plans for succession and finalize, as well as legalize your priorities.\r\n\r\nGet professional advice for dealing with these key issues and more...\r\n<ul type=\"disc\">\r\n\t<li><strong>What      will happen to your business?<\/strong> Do you wish to keep it in the family,      sell it to a third party or pass it on in some other manner? We can help      you weigh the advantages and disadvantages of each of your options, as      well as help you determine how the business can best provide for you as      you enter your retirement years.<\/li>\r\n\t<li><strong>If      you are not running the business, who is?<\/strong> Ownership of the business      and management of the business are often two distinctly separate entities.      How will your retirement or death affect the day-to-day decision making of      how the business is run? Will your children take active roles in the      running the business, or will they exist as owners only? Clarifying your      expectations in legal terms and making these decisions in advance will      help ease the transition of ownership, as well as management, without      further risk of detriment to the business as a whole.<\/li>\r\n\t<li><strong>How      can you minimize the tax burden upon transfer?<\/strong> When businesses      transfer ownership, taxes are a reality regardless of the relationship      between the parties. Review your options with an expert in the field in      order to make the decisions that will best support your family members and      the business.<\/li>\r\n<\/ul>\r\nRemember that inherited assets, such as family businesses, are often the cause of tremendous emotional strain and stress for individual family members. It is best to address any actions that might be seen as fair or unfair ahead of time, so that family members know what to expect and why you are making the decisions that you are making.\r\n\r\nThey may not realize, for instance, that the tax implications of inheriting a business might be more burden than they could financially handle or that decisions involving management vs. ownership have been taken into account.\r\n\r\nContact us about our Succession Planning Services to determine the value of your business, before restructuring your business, to review the tax consequences and tax projections of your actions, and to help you plan for retirement.\r\n\r\n[contact-form-7 id=\"7140\" title=\"ContactNew\"]","_et_gb_content_width":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Business Succession Plan | Legacy CPA of Hixson, TN<\/title>\n<meta name=\"description\" content=\"Do you have a plan for the succession of your business? 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