Have you given thought to your future and the answers to questions like: How and when you may be able to exit your business? How will you handle the transition of your business and customer base when you decide to retire? What is the retirement plan for you, your family, and your business? How will the transition be handled at your death? Who will replace you and take over the business? How will you or your family get paid for all your hard work?
Do not wait to address these types of questions. Plan ahead and consider your options now. Through Smith Brothers Insurance, LLC ("Smith Brothers"), you have access to services related to such matters as succession planning, exit strategy planning, and more.
To get you started and at no cost to you, Smith Brothers will provide you with a free consultation.
In addition, Smith Brothers offers at a reasonable cost more in-depth succession and exit planning services, including options like:
- Partner Compensation Plan including golden handcuffs;
- Executive Benefits to retain and attract talent;
- Reviewing your current structure buy/sell agreement(s);
- Establishing a range of values for the business;
- Calculating the value gap created by being a business owner;
- Evaluating the business continuity and contingency plans;
- Determining an exit strategy for partners;
- Defining the transition options and deal structures;
- Identifying the potential tax implications of transition options and deal structures;
- Coordinating advisors to help implement the plan.