Keeping it in the Family
Keys to Succession Planning
by: Thomas E. Pastore, Chief Executive Officer

After pouring years of blood, sweat and tears into building your business, it would be a shame to lose it, fail to maximize your financial return, or fail to ensure its longevity after you are gone. As we will demonstrate in this article, a little bit of planning can go a long way! Very successful business owners often overlook the need for succession planning. Whether you decide to retire or you are in the unfortunate situation where you or a business partner become seriously disabled or pass away, a succession plan can help ensure continuity for the business. Succession planning also can save your heirs from paying a hefty estate tax (up to 55%) to the government upon your death. A solid succession plan addresses legal, managerial, financial and ownership issues. Depending on your goals and objectives, your succession plan may address a gradual transition in management and ownership beginning today, or it simply may define the process to be undertaken in a crisis whereby you no longer could perform your duties.  "Ask yourself if you have the right outside financial advisory team in place that can assist you in protecting your business and estate", recommends Fred Denitz, Executive Vice President of Preferred Bank, Los Angeles Office. With seasoned advisors, such as an attorney, commercial banker, CPA, insurance expert and business valuation expert, creating a succession plan is not as daunting a task as many anticipate.

Fore complete article please click here.

CERTIFICATION STATEMENT

We do not have conflicts-of-interest in any transaction in which we are retained to issue fairness, solvency or valuation opinions.  SP&H is a specialist business valuation firm; our only endeavor is producing qualified opinions of value.

At SP&H, we ensure that we do not have a contemplated interest in the outcome of any transaction in which our firm issues an opinion.  Our fees are not contingent on the close of the transaction and we have no further financial or other interests with the parties.   Further, we can safely certify that we have no interest in trying to sell any other products to any of the parties to a transaction.

Our opinions are based on the facts and circumstances of the transaction.  We are not influenced by peripheral or ancillary non-deal considerations such as contingency fees and pre-deal or post-deal services to any of the parties to the transaction, company executives or board members.