To build the business you had past & present, you've invested years of your life and the majority of your financial resources. But sooner or later, someone other than you will own or run your business. You will transfer your firm or business to a family member. Maybe, you want to sell it to a promising employee or an outside investor.
Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next. There are many considerations involved in finding the right succession plan for your situation.
Whichever path you choose, you have a lot to consider and may feel overwhelmed. Remember, succession planning is a long-term process, not a one-time event. Before you make any decisions, the most important step in this process is finding the right advisor to work with.
Our goal is to structure a succession plan that meets the needs of all generations. Some of our succession planning services includes:
- Trust Formation:
Trust serves as a tool of keeping in safe custody ones wealth for desired objective. Trust helps one in earmarking one’s assets and income whether present or future for the benefit of certain loved ones by forming private trust and if it is for certain philanthropic and charitable purpose for the benefit of the society at large by forming public trust. Transfer of property upon your death may entail lot of court proceedings and / or litigation, which can be avoided if the properties are transferred through the media of trust. It may also help reducing your estate or inheritance taxes as and when introduced in India.
- Drafting of Will:
By drafting a will, an individual ensures that his or her belongings will go to the desired beneficiaries. In addition, although some states may still probate/review wills for their validity, the existence of a will can speed up the court review process considerably. The will also help reduce disputes among the legal heirs.
- Business Valuation
- Tax Planning
- Estate & Gift Planning
Our succession planning experience offers a proven framework for developing a practical succession plan. Each plan is customized to your family, your business, your goals, and your values. We can help you, your family, and your employees prepare for the healthy, productive, and smooth transition of your business.