Business Succession Planning
It involves any number of competing dynamics, from integrating a transition with your financial and legacy plan, to maintaining family relationships, to finding what to do in your next life’s chapter. Whatever the circumstances, we are here to help simplify and optimize the process so you meet your goals as seamlessly as possible. We look to create family harmony, incentivize employees, retain management, and to maximize the marketability and value of your firm. Our comprehensive approach encompasses all aspects of your life in order to bring to you the goals you desire.
Over 80% of firms have no succession plan.
— Source: The Exit Planning Process, A Financial Services Group, 2010. Down Market Presents Exit Strategy Opportunities For Business Owners, National Underwriter, 02 Apr 2011.
We have found that most business owners work “in” their business rather than “on” their business. It is incredibly helpful to take a step back and to refocus your efforts as an owner on where your business is heading and how you would exit your business. We have seen great businesses fall on hard times, and other businesses where a buyer is willing to pay a large premium for a business. A proper transition plan will account for all of these scenarios. Many times the timing of an exit is chosen for you and the better prepared you are, the more you benefit. This focus is one of the many benefits you will find in planning for your business succession plan.
Additionally, you can benefit by:
- Clarifying your priorities
- Focusing your energy on most urgent concerns & greater business growth
- Achieving the most out of your employees
- Controlling and defining the circumstances of your exit
- Minimizing possible tax consequences
- Maximizing the value that you receive from your business
- Increasing the marketability of selling or transferring your business
Can you answer a solid yes to these questions regarding your largest asset?
For most business owners, transitioning their business is the biggest financial decision of their life. Most owners are unprepared for such a transition. Below are a few questions in which as a business owner you should be able to answer yes to each to be adequately prepared to transition your business.
| Do you know your exact retirement goals and what it will take—in cash—to reach them? |
| Do you know how much your business is worth today, in cash? |
| Do you know the best way to maximize the income stream generated by your ownership interest? |
| Do you know how to sell your business to a third party and pay the least possible taxes? |
| Do you know how to transfer your business to family members, co-owners, or employees while paying the least possible taxes and enjoying maximum financial security? |
| Do you have a continuity plan for your business if the unexpected happens to you? |
| Do you have a plan to secure financial independence for your family if the unexpected happens to you? |
Ideally the process of transitioning your business should begin 5-7 years before your planned exit date. This enables you to best create a business continuity and transition plan which maximizes the value and marketability of your firm. The exit planning process is broken down into 7 steps. This plan is fully integrated into your personal comprehensive financial plan in order to help optimize the use of all your resources. The 7 step process is as follows:
- Identify your exit objectives
- Identify your business and personal resources
- Create a plan to maximize and protect business value
- Analyze ownership transfer to third parties
- Analyze ownership transfer to insiders
- Business continuity planning
- Integration with your personal wealth and estate planning
List of Services
Our capabilities are numerous, and include the following:
- Key Person Insurance Planning
- Risk Management Consulting
- Management Team Development & Transition Planning
- Buy-Sell Agreement Planning
- Business Continuation Planning
- Executive Retention Planning
- Disability Buy-Out Insurance
- Employee Stock Ownership Plans (ESOPs)
- Key Employee Incentive Plan Design
- Business Overhead Expense Coverage
- Property & Casualty Insurance and Consulting Services
- Business Valuation Services
- Employee Compensation Review & Analysis
- Qualified Retirement Plan Changes
- Third Party Sale Planning
- Family and Internal Succession Planning
Getting Started
All of our relationships start with a meeting in which we get to know one another. There is no cost or obligation with many clients having plan in place and looking for a free second opinion. Please don’t hesitate in contacting us at 203.335.0851 and we will be happy to assist you in any way we can.
There are no warranties implied. GFS Wealth Management Advisors, Inc. (“GFS”) is a registered investment adviser located in Bridgeport, CT. GFS may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. GFS’s web site is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of GFS’s web site on the Internet should not be construed by any consumer and/or prospective client as GFS’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Any subsequent, direct communication by GFS with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of GFS, please contact the state securities regulators for those states in which GFS maintains a registration filing. A copy of GFS’s current written disclosure statement discussing GFS’s business operations, services, and fees is available at the SEC’s investment adviser public information website – www.adviserinfo.sec.gov or from GFS upon written request. GFS does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to GFS’s web site or incorporated herein, and takes no responsibility therefor. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.
This website and information are provided for guidance and information purposes only. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy. This website and information are not intended to provide investment, tax, or legal advice.
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