• Home
  • Services
    • Audit and Assurance
    • Small Business Accounting
    • Business Consulting
    • Estate Planning and Trust Accounting
    • Succession and Acquisition Planning
    • Tax Planning and Compliance
    • Valuation and Litigation Support
  • Industries
    • Construction
    • Finance and Leasing
    • Manufacturers and Distributors
    • Healthcare
    • Real Estate
    • Restaurant and Retail
    • Service
    • Nonprofit
  • About Us
    • Mission & Vision
    • Leadership Team
    • Our Firm’s Peer Review
    • Recognition
  • Careers
  • Resources
    • Blog
    • Succession Planning Guide
    • Profit Planning Guide
    • Learn How SafeSend Returns Works
  • Make A Payment
Contact
  • Home
  • Services
    • Audit and Assurance
    • Small Business Accounting
    • Business Consulting
    • Estate Planning and Trust Accounting
    • Succession and Acquisition Planning
    • Tax Planning and Compliance
    • Valuation and Litigation Support
  • Industries
    • Construction
    • Finance and Leasing
    • Manufacturers and Distributors
    • Healthcare
    • Real Estate
    • Restaurant and Retail
    • Service
    • Nonprofit
  • About Us
    • Mission & Vision
    • Leadership Team
    • Our Firm’s Peer Review
    • Recognition
  • Careers
  • Resources
    • Blog
    • Succession Planning Guide
    • Profit Planning Guide
    • Learn How SafeSend Returns Works
  • Make A Payment
Call Us
Get Directions

Blog


Succession Planning – Financial Options…Options…Options

January 11, 2018 by Gordon Advisors

When you start thinking about business succession, it can be so overwhelming you might be tempted to procrastinate. But before you get too stressed out, consider all the possibilities.

There are a number of ways to transition your business during succession planning.  Previous blogs discuss outright selling the firm or setting up an IDGT.  Here are several other ideas to consider.

  • You can set up a Family Limited Partnership. You start by creating a partnership with both limited and general partnership interests, then transfer your business over to the partnership.
  • Another option is to set up a Private Annuity so that the new owner provides a promissory note to make payments until your death.
  • There are also Self-Canceling Installment Notes (SCINs) that are similar to private annuities.
  • An option many people use is to set up a Buy-Sell Agreement (a legal contract). Upon some pre-determined event such as your retirement, divorce, or death, the buyer is obligated to purchase your interest at a fair market value.

As you can see, there are many financial options to consider when going through your succession planning. To help eliminate the stress, use the resources of a CPA who specializes in estates and trusts to help you decide on the route that is best for your personal situation.  Contact Gordon Advisors to learn more about how we can make your business succession easier.

New call-to-action


Recent Posts

  • Tax Briefing: Omnibus Bill and the Secure 2.0 Act of 2022
  • Nine financial KPIs construction firms should be tracking
  • How better job costing is the key to unlocking greater profitability for your construction firm
  • Biden Administration Releases Explanations of FY2022 Budget Tax Proposals
  • Lower Business Values Strengthen the Case for Gifting

Categories

  • Financial Planning

Contact Us

248.952.0200

248.952.0290

1301 West Long Lake Road
Suite 200
Troy, MI 48098

Helpful Links

  • Services
  • Industries
  • About Us
  • Leadership Team
  • Careers
  • Blog
  • Learn How SafeSend Returns Works
  • Make A Payment
Gordon Advisors

2023 © Gordon Advisors, P.C. | All rights reserved.