Succession Planning

Better Sooner than Later

You probably have questions about succession for your business. Like: Where do I start? Where do I go for the right advice? What options do I have? How can I minimize taxes and maximize value? Your Orr Insurance & Investment Advisor can help you with answers and ideas.

Leaving your business is not a matter of ”if”, but “when”. And you can plan for “how”. Whether it will be by retiring, by selling the business to an outside interest, or by transferring ownership to the next generation, there are issues best settled well ahead of time. Not open to aggravate an already uncertain time.

And not preparing gets expensive. Without a plan, the transition of ownership can cause significant business, tax, estate and legal problems. For instance, there may be a forced sale of assets to settle estates, unnecessary liabilities, or family disharmony, quickly undoing much of what you have worked so hard to accomplish.

Start with the Simple Things

When families and businesses first approach the issue of succession planning, it can seem overwhelming. We have found the best way to approach it is one thing at a time, because succession planning is a process, not an event. This means that it takes time to bring all the issues to light and to deal with them.

There is a logical sequence that your Orr Insurance & Investment Avisor can show you. Based on experience, we use a team approach and work with your tax expert, accountant, lawyer and family members. Then, when a formal Succession Plan is done, everything will have been looked at: family dynamics, personal interests and business goals, finances and cash flow, the tax situation, the business structure, legal considerations, and so on.

… but Start!

Of course, people are people. This process can be slowed or even stopped by family dynamics, differing goals, interpersonal issues, financial or cash flow issues, taxes or business structures, and even estate planning or estate equalization issues. So usually the more time you put between putting the plan in place and the actual transitions, the better. In other words, sooner than later.

Call your Orr Insurance & Investment Advisor at 519.271.4340. As qualified investment advisors and financial planners, we can help you prepare for the change you want, not the change that arrives.