Business succession planning is about ensuring that your company is in the best position to thrive, no matter what might happen tomorrow.
A well-crafted succession plan should identify future leaders and give them the tools and resources that they need to transition. All succession plans should be crafted to meet the specific needs of the business or organization.
With extensive experience working with entrepreneurs and closely-held business owners, Jacqueline Yu will help you determine your strategic position, prioritize your long-term objectives, and develop a business succession plan that actually works. Typically, a business succession plan will include the following key features:
- A comprehensive valuation of the business or organization;
- Identification of the employees, family members, or outside individuals who can own or manage the business in the future;
- A process for providing information and training to ensure that future decision-makers have the tools they need to succeed;
- A method for funding/financing the selected business succession strategy; and
- Clear procedures to execute the business succession plan when the right time comes.
- Implementing transfers of minority interests in family-owned businesses to minimize estate tax and gift tax consequences, through intra-family gifts, sales and loans.
- Designing dynasty trusts or generation-skipping transfer trusts to hold a business executive’s company shares for the benefit of children and successive generations.
- Drafting buy and sell agreements to ensure a smooth transition of ownership in a business in the event of an owner’s death or departure.