Most business owners focus their time and energy on building a business and growing wealth. This is where your skills lie. But few take the time to think about how they will move on to the next stage in their lives. The reason for this is easily understood. The complex federal, state and local statutes that surround exit strategies for business owners are daunting. Not knowing how to navigate this sea of confusion instills fear, and fear is a catalyst for procrastination. And procrastination is the worst enemy of business owners, who want to protect the wealth they have created, pass their company along to the next generation of family or management and/or simply move to retirement with a sense of accomplishment and the wherewithal to enjoy their life.
You control your business process, you control the quality of the materials you buy, you control the care and attention of your employees in the production of what you sell, but few business owners have control over what will happen when it comes time to move on, and that time will come faster than you think. The solution is simple. You don’t have to spend time learning the ins and outs of succession planning, you just have to do three simple things:
- Spend a little time finding an expert advisor who can reduce or eliminate the uncertainty in this confusing and emotionally charged area of business management.
- Begin planning now and revisit the plan on a frequent basis to make sure it stays consistent with your goals.
- Actively include the next generation of family or management in the succession process so they can start strategic planning early.
JHS CPAs, LLP can provide you with the planning strategy and accounting tools to control uncertainty. Do not let government statutes define the future of the business you worked so hard to develop.