{"id":16015,"date":"2014-12-10T17:29:21","date_gmt":"2014-12-10T22:29:21","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/succession-plan-must-haves.html"},"modified":"2014-12-10T17:29:21","modified_gmt":"2014-12-10T22:29:21","slug":"succession-plan-must-haves","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/succession-plan-must-haves\/","title":{"rendered":"Business Report: Succession Plan ‘Must Haves’"},"content":{"rendered":"
\n
\"eric\n<\/div>\n
Eric Snell, financial advisor, Edward Jones Financial in Saratoga Springs\n<\/div>\n<\/div>\n

BY ERIC SNELL<\/p>\n

If you own a business, you may well follow a
\n“do it now” philosophy — which is, of course,
\nnecessary to keep things running smoothly. Still,
\nyou also need to think about tomorrow — which
\nmeans you’ll want to take action on your own
\nretirement and business succession plans.<\/p>\n

Fortunately, you’ve got some attractive options
\nin these areas. For example, you could choose
\na retirement plan that offers at least two key
\nadvantages: potential tax-deferred earnings and
\na wide array of investment options. Plus, some
\nretirement plans allow you to make tax-deductible
\ncontributions.<\/p>\n

In selecting a retirement plan, you’ll need to
\nconsider several factors, including the size of
\nyour business and the number of employees. <\/em><\/p>\n

If
\nyour business has no full-time employees other
\nthan yourself and your spouse, you may consider
\na Simplified Employee Pension (SEP) plan or
\nan owner-only 401(k), sometimes known as an
\nindividual or solo 401(k). Or, if your goal is to
\ncontribute as much as possible, you may want
\nto consider an owner-only defined benefit plan.<\/p>\n

If you have employees, you might want to
\ninvestigate a simple IRA or even a 401(k) plan.
\nYour financial advisor, working with plan design
\nprofessionals and your tax advisor, can help you
\nanalyze the options and choose the plan that fits
\nwith your combined personal and business goals.
\nNow, let’s turn to business succession plans.<\/p>\n

Ultimately, your choice of a succession plan
\nstrategy will depend on many factors, such as the
\nvalue of your business, your need for the proceeds
\nfrom the sale of the business for your retirement,
\nyour successor, and how well your business can
\ncontinue without you.<\/p>\n

If your goal is to keep the business within the
\nfamily, you’ll need to consider how much control
\nyou wish to retain (and for how long), whether
\nyou wish to gift or sell, how you balance your
\nestate among your heirs, and who can reasonably
\nsucceed you in running the business.<\/p>\n

Many succession planning techniques are available,
\nincluding an outright sale to a third party, a
\nsale to your employees or management (at once or
\nover time), or the transfer of your business within
\nyour family through sales or gifts during your life, at your death or any combination thereof.<\/p>\n

Many succession plans include a buy-sell agreement.
\nUpon your death, such an agreement could
\nallow a business partner or a key employee to buy
\nthe business from your surviving spouse or whoever
\ninherits your business interests. To provide
\nthe funds needed for the partner or employee
\n(or even one of your children) to purchase the
\nbusiness, an insurance policy could be purchased.<\/p>\n

Your estate plan — including your will and any
\nliving trust — should address what happens with
\nthe business, in case you still own part or all of it
\nat your death. The best-laid succession plans may
\ngo awry if the unexpected occurs.<\/p>\n

All these business succession options can be
\ncomplex, so before choosing any of them, you
\nwill need to consult with your legal and financial
\nadvisors.<\/p>\n

Whether it’s selecting a retirement plan or a
\nsuccession strategy, you’ll want to take your time
\nand make the choices that are appropriate for
\nyour individual situation.
\nYou work extremely hard to run your business
\n— so do whatever it takes to help maximize your
\nbenefits from it.<\/p>\n

Snell is a financial advisor with Edward Jones
\nFinancial in Saratoga Springs.<\/em><\/p>\n

Photo Courtesy Edward Jones Financial<\/p>\n","protected":false},"excerpt":{"rendered":"

Eric Snell, financial advisor, Edward Jones Financial in Saratoga Springs BY ERIC SNELL If you own a business, you may well follow a “do it now” philosophy — which is, of course, necessary to keep things running smoothly. 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