With an increasing number of baby boomers reaching retirement age, business owners are choosing to leave the workforce. This means the end of a partnership and a change in the way you do business.
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As a business owner, one often invests much time and energy into the day-to-day operations. As a result, many owners are likely to sidestep or forget to take the time to establish a long-term plan for the business and simply presume their child will hold the same passion for the business and knowledge in the industry as they have. But, what happens if the child or children have no desire to inherit the business?
First, having a succession plan in place for the business is just as important as having a will for ones personal assets. Without a succession plan, the company’s future, assets, and legacy are potentially at risk, regardless of who handles the business when an owner retires.
"SUCCESSION PLANNING REQUIRES THINKING ABOUT THE ENDGAME AND THE STRATEGIES NECESSARY FOR A WIN-WIN TRANSITION." - Gabe Adler
Download the entire article as featured in the December, 2015 Hall of Fame issue of Inside Business Magazine.
Gabe Adler, CPA, CGMA, Partner, has 36 years of experience in the public accounting field with a concentration in accounting, auditing, succession planning, tax, and mergers and acquisitions. Gabe’s client base includes owners of family owned and small businesses, closely-held companies and professional service firms. Versatile among many industries, Gabe has also earned industry respect for his specialty service in the real estate industry, having counseled and advised countless real estate owners, managers, and developers to create their real estate tax strategies.