Succession

To build the business you have today, you've invested years of your life and the majority of your financial resources. But sooner or later, someone other than you will own or run your business. Perhaps you will transfer your farm or business to a family member. Maybe, you want to sell to a promising employee or an outside investor.

Whichever path you choose, you have a lot to consider and may feel overwhelmed. Remember, succession planning is a long-term process, not a one-time event. Before you make any decisions, the most important step in this process is finding the right advisor to work with.

At MNP, we bring together specialists from many disciplines to offer you two unique succession packages:

1. The business succession plan
2. The farm succession plan

Both packages cover a wide range of issues, including:

• Tax Planning. Is your succession-ownership transfer structure tax-effective? MNP will review the income tax implications associated with the transfer of assets and death.

• Business Valuation. What is your business worth? This is an important question to address in your succession plan and one that should be tackled early in the process.

• Retirement Planning. To retire comfortably, your plan will include strategies to ensure you have a secure stream of retirement income.

• Strategic Business Planning. A three- to five-year business plan is a fundamental base on which to build your succession plan.

• Transfer of Management. Your successors must develop management skills to run the business successfully for the future. Without good management, your business will not continue to thrive.

To view articles on succession, check out the MNP Library.

To find out how our succession team can meet the needs of your farm or business, contact your local MNP advisor or Carole Spooner, CA, Director of Succession Services at 1.800.661.7778.