Esp 055 Business Succession Planning and Taxes with AGH Advisors
Sep 6th, 2019 by saunderscash
Every entrepreneur at some point in their business career realizes, it’s time to hang it up, and pass the business on to others. Business succession planning is a series of logistical and financial decisions about who will take over your business upon retirement, death or disability. We asked two experts from AGH, Todd Richardson, the VP of Corporate Finance and Eric Thummel, VP of Tax Services to help identify the key areas of concern for entrepreneurs when considering succession planning. Join us in the podcast for this engaging discussion about succession planning, tax concerns and how to get your business ready for a transition that maximizes returns and business value, while managing the tax implications so you don't overpay your obligations to Uncle Sam.
To write a succession plan, the first step is to identify the ideal successor to take over the business, then determine the best selling arrangement.
Key questions you have to address and we discuss in this podcast are:
Are you ready financially, mentally and emotionally to step away from your business?
Is your business ready to transition?
Are you following best practices?
How much is your business worth?
Are you maximizing value?
How can you structure the transition in a way to minimize tax liability for both parties?
Get ready for a discussion with two true experts in accounting, business, taxes and succession planning. This is part one of two on this topic.
Learn more about AGH.