Lake County Business Succession Planning

Planning for a business’s future is one of the most important things a business owner must do. Whether you are reaching retirement age, are ready to move into something new, or want to have a plan in place for what will happen to your business in the event of an unexpected health emergency or accident, developing a business succession plan is critical. At Harvest Financial Planning, LLC, our Lake County businesses succession planning professionals can help. Reach out to us today to learn more about your options and how we can assist you.

Succession Planning Strategies

We work with business owners like you to develop succession planning strategies that are customized to your needs. Common succession planning and exit strategies that business owners often elect include:

• Liquidating the business. For business owners who simply want to liquidate their business rather than passing the business on to a successor, business liquidation is a straightforward approach. 
• Selling the business. For business owners who want the business to continue on after they are no longer in charge, but don’t have a specific person in mind to whom they’d like the business to pass, selling the business on the open market is often the best option.
• Internal buyout. Another option for passing on a business–especially if a business owner wants the business to likely stay relatively fixed in its operations and purpose–is to put the business up for sale, but only amongst internal parties. For example, an internal buyout might include a single employee purchasing the business, or a group of employees pooling resources to purchase the business together.
• Leaving the business to a family member. Another option for exiting a business is to leave the business to a family member or another trusted loved one. This is very common amongst families, where the owner of the business plans to hand the business off to a grown child or another family member at the time of the owner’s death. 

Planning for Your Business Is Planning for Your Future

Thinking about the various options ahead of you for business succession planning in Lake County can be intimidating and, for many people, thinking about what will happen to their business in the future can be uncomfortable and even morbid. But planning for your business is planning for your future, and knowing what will happen and how you’ll manage the future is a key part of having a smart financial plan for both yourself and your loved ones. Should something unexpected happen, leaving the decision about business succession to family members can be placing an unfair burden on their shoulders.

Call Us for Lake County Business Succession Planning Today

At Harvest Financial Planning, LLC, we understand how important Lake County business succession planning is and we want to help you create a solid plan for your business and your life. Our professionals have years of experience, and members of our team hold the Certified Financial Planner (CFP) designation. Reach out to us today by phone or online to start planning for the future now.