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Business Succession Planning

Business Succession Planning Services

As part of our business succession planning package, we can provide the services listed below in order to help address succession planning, the sale/purchase of a company, and the implementation of partnership operating procedures. We break our process into three main areas:

Formulate a Plan

Implement the Plan

Monitor the Plan

Formulate a Plan:

Our goal is to be your financial quarterback, hold your hand through this process, and make sure that you are comfortable with the decisions you are making. Laying the proper groundwork and having clear and open communication during this process is essential, otherwise, the environment could become hostile, or the deal could get significantly delayed or fall apart.

Meetings & Discussions

Meetings & Discussions

Meetings can be done by phone, email, video, or in-person. We will make ourselves available to meet with all the appropriate parties involved in the transaction.

Parties Involved

Accountants

Actuaries

Attorneys

Board of Directors

Buyers

Consultants

Family Member 

Lenders 

Private Equity Firms

Sellers

Valuation Specialists

Discussion Topics

Business Valuations

Customized Strategies & Terms 

Estate Planning Strategies

Family Dynamics

Needed Documentation 

Protection Strategies 

Special Circumstances 

Tax Efficiency

Tax Efficiency 

Tax Efficiency 

We'll explore different scenarios to devise a tax-efficient plan. Additionally, we will conduct analyses for each of these strategies and collaborate with specialists when necessary to ensure thorough evaluations.

- Bonus Plans
- Deferred Payment Strategies
- Gifting Strategies
- Income Tax Savings Strategies
- Insurance Strategies
- Retirement Plan Contribution Strategies
- Salary Deferral Strategies
- Stock Bonus Plans
- Stock Options Plans
- Stock Ownership Plans
- Trust Strategies

Business Valuations

Business Valuations

We will review the valuations and have discussions with the appropriate parties to verify figures and make recommendations as needed.

Customized Strategies & Terms

Customized Strategies & Terms

Our aim is to support each individual and their varying needs in addressing their concerns by developing tailored plans and facilitating open conversations and creating a forum for discussion among all involved parties.

Professional Introductions

Professional Introductions

If needed, we can introduce you to various professionals who will be needed to assist with the succession planning process.

Benefit Packages

Benefit Packages

We will review your medical benefit plans and retirement savings plans to make sure they are appropriate for your needs and priced fairly.

Implement the Plan:

After formulating a plan, the proper documents and protection strategies will need to be implemented to protect everyone involved in this transaction. We will work with all your professionals to help facilitate this process.

Documents

Documents

We will provide an outline with specific details to be included in each document based on the terms that have been agreed upon by all parties. The detailed outlines will be submitted to an attorney (or someone else of your choosing) to be included in the legal document language. This will also provide the attorney with a guideline for the parameters of the deal. We will provide reviews of documents that may be involved in the transaction.

Typical Documents We Review & Provide Outlines For:

  • Buy/Sell Agreement 
  • Operating Agreement 
  • Partnership Agreement
  • Trust Documents
  • Clean Up Resolutions
  • Lines of Credit, Lending, and other Debt Agreements
  • Real Estate Contracts
  • Shareholder's Agreement
  • Valuation Reports
Protection Strategies

Protection Strategies

As part of the agreement language, it may be necessary to protect the sellers, buyers, or key personnel in case one or more of the parties becomes disabled or prematurely pass away and cannot fulfill their obligations. The agreement language may require one or more of the parties to acquire some type of insurance. We will work with each party to determine the type of insurance that is appropriate and assist with the application process.

Monitor the Plan:

Our services do not stop when the plan is implemented. We will establish a periodic review schedule to make sure that the terms are still relevant and to assist in adjusting as needed.

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Frequently Asked Questions:

What issues should I consider when planning for the sale, disposition, or succession of my business?

What issues should I consider when planning for the sale, disposition, or succession of my business?

*Steffens & Steffens, LLC does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.