After deciding to start the succession planning process, what is the next step?
It is extremely important to obtain the services of the right professional to assist you throughout the process. A good adviser will make sure you pull together the proper pricing, packaging and accounting. Confidentiality can be a factor, and your professional can make discrete inquiries on your behalf. The adviser can provide a variety of marketing tools, including the Internet and brokerage channels. Access to specialized databases allows your adviser to identify industry strategic and equity fund buyers. The adviser can handle arms-length negotiations and prepare the contract and documents, including IRS filings. He or she can assist in securing optimal asset allocation. And last, but not least, through a team approach, he or she can help get everyone on the same page. What are some of the possible purchase entities that might be considered? Buyers within the family may be considered through gift or sale. Associates and partners are potential candidates. Employees could be potentia
