Did you know:
- 70% of businesses do not successfully transition from 1st to 2nd generation.
- Nearly 90% of businesses will not reach the 3rd generation.
- Businesses without a succession plan are a credit risk.
- Most businesses fail because they have no plan in place.
It is apparent that business succession planning is important, but in reality more than half of all businesses do not have a succession plan and only 10% have a formal, written plan for the future.
A business succession plan is more than just figuring out who will own the business next and more than just determining who will run it. It is also more than a tax plan, though of course taxes are a part of the plan.
A business succession plan is a dynamic strategy—a process— to prepare a business to pass on the owner’s legacy and ensures the vitality of the business will continue. It not only accomplishes the owner’s vision for the future of the company, but ensures the owner’s financial goals are met by identifying and preparing the future successors.
Business Succession can be overwhelming, but it is necessary, and Goosmann Trust Law Counsel is here to help see you through the process from start to finish, from owner to heir.