US family owned business are the backbone to the US economy and cover a wide range of business sizes, from a main street store front to Fortune 500 companies.
A well thought out succession plan for a business owner identifies who and how a succession plan occurs and over what period of time. A succession event for a business can be a result of death or disability of an owner or via a planned transition to a third party. The third party could be a key employee, family member or an independent buyer.
At Lang Allan & Company CPAs PC, we can assist you in developing succession plan to a third party. Working together with your attorney and other trusted advisors, we can help you analyze your options and assist you in determining your best solution.
Generally a profitable business, with layers of management, key employees and historical financial statements can raise the outcome for a selling business owner. However, depending on the market you operate in and your market share, a willing buyer may not readily present themselves.
Lang Allan & Company CPAs PC can assist you in the process to develop better internal control practices, compile, review or audit historical financial statements and assist an owner in identifying who their potential buyer can be from within or an introduction to an investment bankers/business broker to evaluate third party options.
Prospective buyers evaluating your business will usually require at least two years’ historical data and current financial and other information to asses the viability of your company. Planning for an exit is not done overnight. The more you plan in advance, the better you can execute the plan.
We recognize every business is different, so we customize a succession plan to meet the specific needs of our clients. Together, we help you Move Your Company Forward.
If you’d like to learn more about our Succession Planning services, complete the form below, or give us a call.