CHAPTER 31 Retirement and Succession Planning
- Retirement Planning
- Exit Strategies
- Financing Options to Fund Buyouts
- Consulting Agreements
- Estate Taxes
- Estate Planning Concerns
What happens to your business when you retire or die? Have you made any decisions about whether to sell your interest, pass it on to children, or make other arrangements? If you are planning to retire, will the sale of your business provide you with sufficient funds for a comfortable retirement? The plans you make will have practical and tax implications for you, your family, and your business.
Succession planning is a complex and ongoing process involving both practical (business) and legal concerns. This chapter is designed to acquaint you with some of the issues you'll need to address in succession planning; it does not address every issue that may apply to you. Work with a knowledgeable advisor to help you structure, monitor, and modify your succession plans.
Retirement Planning
Looking ahead to the day when you can stop working and retire may be a pleasurable notion, and something to keep you going when you're working round the clock, dealing with business crises, and worrying about how you'll meet the next payroll. Many ...
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