If you own a business, retirement isn't simply a matter of deciding not to go into the office anymore. You've got some critical questions to answer like...

"What happens to the business when I’m no longer running it?" and "Will I have enough money to retire?"

Most people are not comfortable discussing topics such as aging, death, and financial affairs. Comfortable or not, succession planning should be a priority for any business in today’s economy.

We help you with these key issues -
•    Choosing a Successor. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options. If transferring to family sounds like the logical direction, we talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie.
•    Business Valuations.  Valuation of the business is integral to any succession plan, whether the successor is a third party or a family member.  We have Certified Valuation Analysts (CVAs) on staff who can perform this service. If it’s determined this relationship will result in a potential conflict of interest, we work closely with other valuation firms to whom we can make referrals.
•    Minimizing the Tax Bite.  More important than the valuations are the income taxes attributable to the transaction, especially in light of the anticipated changes expected in the next few years.  We can structure the transaction to help make the taxing authority a helpful partner rather than a pure beneficiary. 
•    Retirement Projections.  How much will you need to live on?  A very real concern for everyone involved in a sale or transfer of a business interest or in just planning for normal retirement.  We can help plan out retirement income, expenses and taxes and structure asset allocation and business transfer agreements to meet the cash flow needs including accounting for inflation and coupling it with estate planning desires. 

For more information contact:

This e-mail address is being protected from spambots. You need JavaScript enabled to view it Rochester contact

This e-mail address is being protected from spambots. You need JavaScript enabled to view it Elmira contact