An owner’s interest in a closely held business is usually their largest and most important asset. Most business owners neglect the inevitable: ownership transition. Business owners are often so busy with the day-to-day issues of running and growing their companies that business succession is often overlooked or left on the “back burner” until it is too late! What would happen to your business if you were to disappear from the scene tomorrow due to disability or death? Would your co-owners, managers, employees, and family members know what to do and would they have the guidelines and tools needed to keep the business moving forward?

Business succession planning involves:

		A review of business ownership structures
		Communication and analysis of the needs and desires of current owners, potential future owners, and the business itself
		The analysis and discussion of future ownership alternatives
		The application and integration into a coherent plan

Effective planning requires realistic introspection, communication, hard (often emotional) choices, foresight and accurate assessment of business prospects and of the character and judgment of others involved. At LEFG, we guide you through the intricacies of business succession planning, analyzing your specific situation, recommending a plan of action and assisting you in its implementation. Although in some cases this can be a rather lengthy process, the end result is improved business viability and tax exposure reduction.