Need Help with Succession Planning?
Baltimore | Maryland | Owings Mills | Towson | Reisterstown
Are you the owner of a small to medium sized family business? Are you looking for a way to ensure that your business will continue to succeed and thrive after your retirement? Charles Krengel, P.A. provides succession planning services to businesses throughout the Maryland and Washington D.C. area, and will help you develop a winning strategy for a smooth transition. Continue reading to learn more about Succession Planning, and what we can do to help.
If you’d like to speak with a Charles Krengel, P.A. representative today, call us at (800) 892-9631 or click here to contact us online.
What is Succession Planning?
Succession planning is a process that will help you identify strategies for ensuring the success of your business through the transition from one generation to the next. If you’re the founder of a family business, retirement planning isn’t as simple as a decision to stop going into the office. You need to identify and develop personnel within your company to fill key leadership roles. You’ll need to answer some important questions such as:
“What will happen to the business when I’m no longer running it?”
“Will I have enough money for retirement?”
Succession planning can be a very emotional topic for a family-owned business. Most people would prefer not to discuss aging, death, and financial affairs. Unfortunately, planning for these events is crucial for a small business, considering that more than seven of ten family-owned businesses do not survive the transition from the founder to the next generation of leadership. Charles Krengel, P.A. will help you develop a plan to protect your business through that transition.
How Can Charles Krengel, P.A. Help?
Charles Krengel, and his team of Certified Public Accounts and Business Consultants will help you deal with the difficulties presented by estate taxes, retirement planning, and family relationships. A well-defined plan for the succession from one generation of leadership to the next will minimize discord and confusion, which can make the difference in a successful transition.
Charles Krengel, P.A. will help you with the following aspects of planning the succession of your business:
- Family or Third Party Ownership? Will your business pass on to leadership from within your family, internal talent you’ve developed, or will you sell the business to a third party? We help you consider the advantages and disadvantages of each of these choices.
- Who will run the business? Who will own it? You may choose to transfer management of the business to a specific family member, while transferring shares of the business to multiple family members. Management of the business should not necessarily be considered the same as ownership of the business. We will help you choose the right arrangement for the continued success of your business.
- Minimizing the negative impact of taxes. Transitioning to a new generation can bring a significant tax burden. Our CPAs are expert in helping you manage and reduce the impact of those taxes with a well-designed succession plan.
- Making the process fair for all parties. We will help you creatine a succession plan that transfers family ownership in a way that is fair and equitable. This process can put a tremendous strain on family relationships, and we’re here to help you ensure that you and your family are getting the best possible outcome for all of those involved.
If you’d like to speak with a Charles Krengel, P.A. representative today, call us at (800) 892-9631 or click here to contact us online.
Contact Charles Krengel, P.A.
If you’d like help with your succession and retirement planning, contact us for a Free Consultation. We’ll discuss your objectives and come to an understanding of how you feel about all of the important issues we’ve discussed above. We’ll take into account the financial, legal, tax, and personal elements necessary for achieving your objectives to create a strategy to help you pass on what you’ve built over the course of a lifetime.
