ARTICLE · 19 MAY 2014

The Next Step For You And Your Business

Crowe Soberman LLP

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Have you spent a great deal of your working life creating a successful small to medium-sized business (SMB), only to realize that retirement is on the horizon?

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This article was originally published in the inFocus Spring '14 Issue

Have you spent a great deal of your working life creating a successful small to medium-sized business (SMB), only to realize that retirement is on the horizon?

Succession planning should become your priority several years before retirement or any transition approaches. It can take three to five years to put together an effective succession plan and execute it, while ensuring that you maximize your business sale or transfer price. If caught unprepared, you may have no other option than to simply close your business or dispose of it cheaply and inefficiently (think—tax).

This article is meant as a primer. How can you maximize the value of your business and after tax dollars, while ensuring a smooth transition of your business to new owners?

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