Exit and Succession Planning

Creating Exit Strategies

Simply thinking about passing the business torch to a successor or exiting the company you’ve worked long and hard to build is daunting. In fact, studies show that 80 percent of U.S. businesses are family controlled, and only 10 percent of these businesses survive the transition of management from the founder to the next generation.  At RINA, our succession planning services will help to ensure a smooth and successful transition of your business to a family member or new owner.

Through our business succession planning, we’ll help you, the business owner, design and implement the transfer of your business to someone else - a family member, an employee or an outside third party. The succession planning and estate planning services we provide will always be aligned with your personal, family and financial objectives.

Succession and estate planning for your business shouldn’t wait until you are ready to exit the company. Some decisions, such as the form in which you decide to do business, should be made early in the life of your business.

Through our business succession planning we can help you:

  • Identify goals for the succession of your business
  • Prepare an estate plan that minimizes transfer taxes at death as well as on lifetime transfers
  • Implement a loss prevention program that includes adequate liability and property insurance for all risks
  • Review key intangible assets to ensure they are protected by agreements or appropriate registrations
  • Plan a testamentary transfer that reflects family needs and the business owner's wishes, one in which all interested parties are aware of the planned disposition of business interests and estate plan
  • Assemble a solid team of advisors including an attorney, insurance consultant, banker or financial advisor, accountant and tax advisor who can assist the business owner’s management team and family coordinate the complexities of succession planning
  • Ensure that the current value of the business is supported by appropriate documentation and valuation studies
  • Make sure that accounting records are current and internal controls are in place to safeguard assets
  • Review depreciation and accounting methods to maximize annual after-tax cash flow from operations
  • Minimizing taxes on transfer and during ownership in order to enhance the after-tax proceeds received by the business owner

There is much you can accomplish with the help of your tax, accounting and other advisors to increase the value of your business while you own it as well as when you transfer it. The return on the investment of time and resources placed in business succession services is often repaid to you many times over when you sell or transfer your business.

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