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Developing a comprehensive business succession plan might require careful planning and preparation, but it is an essential step to set your business up for long-term success. This can include developing a plan to identify and groom qualified successors, evaluating internal talent, determining future funding options, and setting up legal structures to protect your assets.
Additionally, it is important to consider how you will divide responsibilities between family members or other stakeholders who will be involved in the succession process.
Navigating the legal and tax considerations of financial planning for business owners, more specifically business succession planning, on your own can be impossibly complex. That’s where Avidain Wealth Solutions steps in. Our advisors can work with your existing team of attorneys and accountants to help you create an effective plan and better prepare your business for the future.
Billion in client assets under management *
*AUM based on AWS current FORM ADVFinancial professionals
Years of success
With all of the other responsibilities business owners like yourself have to manage, you may find yourself wondering “Is succession planning important? Do I really need to take the time and money to plan for my business’s future?” In short, the answer is yes.
Planning ahead gives you the opportunity to put in place formal protocol so that you can help your business remain in good hands after you’ve retired or decided to move on. Other benefits of succession planning include:
Whatever your vision for the future of your business may be, Avidain Wealth Solutions can help you make sure it is realized.
Continue reading: Why you need a business succession plan
Our team is comprised of highly credentialed, specialized, and experienced wealth management professionals who work together to handle multiple aspects of your financial life, including asset management, debt management, risk management, taxation, wealth transfer, and more.
CFPs
CFAs
MBAs
JDs
PhD
CEPAs
Avidian offers a boutique family office experience ideally matched for the complexities that are required for family business succession planning. As such, we have the ability to offer the resources of a large firm with the intimate environment of a family office. We will work with you to gain an understanding of your options and help put plans in place that work toward the current and future success of your business.
Structuring a succession plan for a business requires an understanding of tax laws, such as regulations related to estate, gift, and generation-skipping taxes, as well as the distinction between Class A and Class B shares. It is also important to weigh the costs and benefits of buy-sell agreements, compensation plans, and shareholder agreements.
At Avidian, we work in specialized, multi-disciplinary teams that are well-versed in business tax planning as well as the many multi-layer steps in succession planning. We have the resources and experience to provide you with custom-tailored advice that helps set your business up for the future that you have envisioned.
Business succession planning should be an ongoing process, and Avidian is here to support you along the way. We can evaluate your current financial plan, identify liabilities and risks with consideration to your overall business risk management strategies, assist you in evaluating potential successors, and help you create a comprehensive succession strategy designed to allow for you, your family members, and other stakeholders to thrive.
Curious about where you stand today? Schedule a meeting with our team and put your portfolio to the test.*
