Succession Planning

Developing and implementing a well-designed succession plan is essential to the survival of a family or privately owned business. Statistically, more than seven out of ten closely held businesses fail to survive the transition from founder to the next generation, due to estate taxes, family discord or mismanagement.

Succession planning involves the transferring of a life’s work to: family heirs, to key employees, or to outside buyers. There are many considerations involved in finding the right succession plan for your situation. This plan can take many years. It is not just a transaction, but a transition.

We meet with you to discuss cash flow projections for the founder and their family to see if the net proceeds from the sale after taxes, will support their retirement goals. We discuss how to structure the future management of the business. There may be many personal issues that affect both the family and the business during this transition period. Our goal is to hel[p you formulate a succession plan that meets the needs of both the seller and the future owners.

Hagen, Kurth, Perman and Company, PS has not only transitioned our firm to the next generation, but has worked with family-owned businesses for more than four decades, helping to create and execute exit strategies. We work closely with clients to facilitate communication and identify the most appropriate candidates for leadership positions. Our regular meetings regarding the scope of the plan keep participants informed about business operations and assets. We also bring in experts from other practice areas to assist with document preparation, projection, financial statements and business valuation.

Our succession planning services include:

• Estate & Gift Planning
• Business Valuation
• Buy/Sell Agreements
• Tax Planning with Defective Trusts or Grantor Retained Annuity Trusts.
• Charitable Gift Planning
• Retirement Planning
• Management Skills Assessment

Our service and experience offers a practical approach to you succession plan. Each plan is customized to your family, your business, your goals, and your values.

The avoidance of taxes is the only intellectual pursuit that still carries any reward.

John Maynard Keynes