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Business Succession Planning


Who would you like to benefit from your success?

How do you retire from a family owned business?

How can your hard work pay off?

The legacy of your business, and the comfort of your lifestyle should continue after you retire.  However, without proper planning this may be limited.  Succession is critical for any closely-held business, as it helps to ensure that your business remains profitable after a transition, and personal finances continue to support your financial goals.  

NextStage Legacy Advisors offers comprehensive succession and exit plans designed to assure your long-term financial stability and allow you to determine the ideal options to transition your business.  Our team is comprised of estate and succession planning specialists who develop strategies to protect your business, assets and legacy while minimizing estate tax consequences and inheritance issues.

How do you know if you’re ready to transition your business?

How much do you need to maintain your lifestyle? 

What are your options to monetize your business in a tax-friendly manner?

NextStage Legacy Advisors walks you though the following steps for your business succession/exit planning process:

STEP 1:   Engagement and Data Gathering

We meet face to face to learn about your business, your financial goals, and retirement goals.  We determine if we even provide the services you need (sometimes we may refer you to another entity to fulfill your needs). 

There is no charge for this fact-finding meeting.

Upon discovering that a partnership makes sense, we then gather documents and information that will assist us during the plan development.   At this point, we encourage all of our clients to take the Business Exit Readiness Index also known as the BERI Report!  This 20 question assessment provides us with valuable information about your mental and financial readiness for transitioning your business.  The BERI Report also gives us a more clear understanding of where you stand and what steps you can take to move closer toward a successful transition. 

STEP 2:   Plan Development, Presentation and Implementation 

NextStage Legacy Advisors follows a comprehensive 6-step process, wherein every aspect of your financial situation is carefully scrutinized relative to your goals and objectives.  Recommended changes to your existing financial plans, from wills and trusts strategies to retirement and survivorship plans, are fully integrated into your final financial plan.  

At this point, we then work with you and your other advisors to professionally implement the plan recommendations.  This assures that the plan doesn’t just become another expensive document on your bookshelf; but, is put into effect to help you toward attaining your goals and objectives.

Annual fine-tuning to accommodate changes, such as a life events, unexpected expense or income, or changes in taxation and estate laws optimizes your financial plan’s viability while keeping it updated and current.   Visit Our Process to learn about the our fully integrated wealth management framework, created by Lincoln Financial Advisors, which has received national recognition from the Financial Planning Association (FPA).

STEP 3:  Family Legacy Pyramid

The three-tiered Family Legacy Pyramid (pictured above), works alongside the 6-step transition planning process to further address concerns regarding the well-being of you and your family.  We start at the bottom where we ensure that your spouse and you will be okay in terms of protecting your lifestyle in spite of what life sends your way.  We identify the income you will need for the rest of your lives and identify its sources.  We also consider the impact various contingencies both pre- and post- retirement would have upon your retirement income. 

We then move up the pyramid and determine to whom and when assets should pass.  Estate and business succession planning issues and recommended solutions are reviewed. 

The third and final stage is achieved once you are comfortable and confident that you, your family and business will be okay.  We can help you identify ways in which you can benefit your community and the organizations that are important to you.

You may already have a trusted, long-term advisor (i.e., attorney, CPA, etc.) who has completed your financial planning work (e.g., wills, trusts, business agreements, retirement plans, etc.).  However, these constituents are confined to single aspects of your finances, not the big picture.  Our holistic approach examines every piece of your financial picture.  We then coordinate and collaborate with your trusted advisors to determine solutions that complement any existing business, estate or investment strategies.

When it comes to succession and exit planning, the most successful business transfers are those that are planned well in advance.  When you have a better understanding of your finances, you can define achievable goals, manage your budget and take control over your financial lifestyle.  

NextStage Legacy Advisors work to not only preserve your legacy but also, help ensure that all has been done, for your family and business, to protect their future. 

Contact NextStage Legacy Advisors for a consultation