You've worked so hard to build a successful business, but do you know what would happen if you decided to retire or were suddenly unable to manage your company? The truth is that seven out of ten family businesses fail to survive the transition from founder to the next generation. One way to beat the odds is to develop and implement a comprehensive business succession plan. While virtually every business can benefit from some type of exit strategy, family businesses and partnerships are most vulnerable in the sudden absence or retirement of their owners, which makes planning even more critical.

Succession planning can be a complex issue. It involves business operations, revenue forecasting, information technology, personal financial planning, tax issues — and very often, emotional issues as well. However, WS+B can simplify the process, guiding you every step of the way. Our team of business succession planning specialists has the financial expertise and tax advisory experience to develop a customized, cost-efficient transition plan that will keep taxation at a minimum and provide greater assurance that your objectives will be met. Typically, the planning process would include:

• Assessing your financial situation
• Family considerations
• Determining a successor
• Delineating between ownership and management
• Minimizing death and transfer taxes
• Addressing the needs of creditors, customers, vendors and employees

In addition to providing you with financial options, WS+B brings professional objectivity to the succession planning process. As trusted advisors, we understand the sensitive issues involved in many of the decisions you face. We will help you maximize one of your most valuable assets — your company — and ensure that it is left in good hands.

Contact:

New Brunswick:
Edward Mendlowitz, CPA, ABV, PFS
emendlowitz@withum.com

Princeton:
Dave Springsteen, CPA, MBA
dspringsteen@withum.com

Red Bank:
Ted Nappi - CPA/PFS, CSEP
tnappi@withum.com