Succession Planning

Did you know…

• Approximately 90% of the businesses in the United States are closely held. [US SBA]
• Owners of companies valued between $5 million and $150 million state that there is a two thirds chance that they will be retiring in ten years. [PricewaterhouseCoopers 2005 survey]
• The success rate for transferring businesses is 30 percent for the second generation and 15 percent for the third generation. [US SBA]

As you can see, the statistics show there will be a large amount of businesses exchanging hands within the next decade, yet only a small amount of business owners plan for this transfer.

You’ve worked hard to build up your business. Why not ensure you can rest with peace of mind? Here are some events that may occur without a sound plan:

• Owner having to sell due to outside pressures,
• Paying too much in taxes,
• Losing control over the process with limited options,
• Losing confidentiality during the process,
• Watching a lifetime of work go down the drain due to poor planning.

As the old adage goes, failing to plan is planning to fail. 

Here at Rozovics Group, LLP, we can work with you to develop a solid succession plan. We make sure to identify your goals and develop a plan around them.