Issue 27: 2014

Special Section — Your Business

Your Business After You

A solid succession plan should balance what’s best for your company, your family and you.

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For some business owners, imagining stepping back from the company they’ve nurtured for half a lifetime or more can be difficult. Yet for others, it may simply be time.

If you’re considering a transition, you will need to set up and implement a business-succession plan. This may mean selling your business outright, giving up both ownership and day-to-day control. Then again, it may mean selling the company but staying on in an executive role, passing partial ownership on to your children or installing new management. Whatever you choose, it is important to decide on a good fit: for the business, your loved ones and you.

The road map for the transition should provide clear instructions in the event of your incapacitation or death — a sound reason to establish a plan sooner rather than later.

Here are some insights that may serve as a guide for discussions with your U.S. Trust advisors and other professional advisors.

 

A version of this infographic originally appeared in Capital Acumen Issue 18; it has been revised and updated for this issue.

Sheet music photograph by iStock.com.

IMPORTANT INFORMATION

Always consult with your independent attorney, tax advisor, investment manager and insurance agent for final recommendations and before changing or implementing any financial, tax or estate planning strategy.

For some business owners, imagining stepping back from the company they’ve nurtured for half a lifetime or more can be difficult. Yet for others, it may simply be time.

If you’re considering a transition, you will need to set up and implement a business-succession plan. This may mean selling your business outright, giving up both ownership and day-to-day control. Then again, it may mean selling the company but staying on in an executive role, passing partial ownership on to your children or installing new management. Whatever you choose, it is important to decide on a good fit: for the business, your loved ones and you.

The road map for the transition should provide clear instructions in the event of your incapacitation or death — a sound reason to establish a plan sooner rather than later.

Here are some insights that may serve as a guide for discussions with your U.S. Trust advisors and other professional advisors.

 

A version of this infographic originally appeared in Capital Acumen Issue 18; it has been revised and updated for this issue.

Sheet music photograph by iStock.com.

IMPORTANT INFORMATION

Always consult with your independent attorney, tax advisor, investment manager and insurance agent for final recommendations and before changing or implementing any financial, tax or estate planning strategy.