Business Transition Planning Planning Cheat Sheet

News Business Transition Planning Tax

What is Business Transition Planning?

Business owners invest their time, energy and resources into building their business into a successful enterprise. Yet, many owners find themselves not knowing how to carry out exiting their business while maximizing the value. In most cases, the value of the business is the largest asset on their personal balance sheet, and it is not a liquid asset.

Business transition planning is a business strategy. It is all about creating, harvesting, and preserving the value of the business during a successful transition. A successful business transition planning strategy will focus on three goals:

Maximize the value of the business
Ensure the business owner is personally and financially prepared for the transition
Make certain the owner has planned for the next chapter of their life

Benefits of Business Transition Planning

Business transition planning is an ongoing process that should be prepared for long before transitioning your business. The benefits of having a successful business transition plan are continuous. Business transition planning can help:

Control how and when to transition your business
Minimize the taxes to put more money in your pocket
Place strategic options to choose from during any life event
Maximize value during good and bad economic times
Create peace of mind knowing your future is secure

A successful business transition strategy can increase annual income and the value of the enterprise. It pushes the team to be the best-in-class business and will serve the owner as a contingency plan. Non-solicited offers do happen, so it is important to have you and your business ready to maximize value.

Business Transition Planning Process

Business transition planning allows the business owner to get actively educated on the process of how to transition their business. With a multi-disciplinary team of advisors working together, discussion of your personal, financial and business goals are aligned to your family’s core values. All of your business transition planning options and opportunities will be identified and you will be guided on development and implementation of the selected transition strategy.

To learn more about our services or arrange a meeting with our team, please contact:

Brent E. McClure, CPA, MBA, CEPA, 314-655-0153, bmcclure@anderscpa.com
Derek A. Barnard, CPA, CEPA, 314-655-5513, dbarnard@anderscpa.com

Our firm provides this information for general educational guidance only and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Podcasts posted by Anders CPAs + Advisors are not intended to be used and cannot be used by any individual or business, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Please note that some content may be generated using artificial intelligence and is intended for educational and informational purposes only. In no way does listening, reading, emailing or interacting on social media with our content establish a professional relationship.

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