Management Consulting Services - Chicago CPA

Business Succession Planning

Succession planning can include transferring your life’s work to family heirs, the handing down of a business to key employees, or the positioning of a company for sale. There are many considerations involved in finding the right succession plan for your situation.

We help you address issues such as restructuring the business, choice of entity, tax consequences, and retirement income projections. We are also acutely aware of and sensitive to the many personal issues that affect any family business situation. Our goal is to structure a succession plan that meets the needs of all generations.

W&D has worked with family-owned and privately-held businesses for more than six decades, helping to create and execute exit strategies. Our multidisciplinary team of professionals are knowledgeable and committed to helping implement a plan that will meet the needs of the company and the ownership, and also make sure that all the hard work of creating and growing a business is safeguarded.

Our succession planning services include:

  • Business valuation
  • Buy/sell agreements
  • Tax planning
  • Estate and gift tax planning
  • Intra-family transfers
  • Mergers and acquisitions
  • Divisive reorganization
  • Key employee buyout
  • Ownership and structuring control
  • Minimization of estate and capital gain taxes
  • Retention of key employees
  • Maintaining liquidity

The Step-by-Step Process of Business Succession

  1.  Assess your needs and options
  2.  Develop timeline and define transition
  3.  Review and analyze your personal and business financial plan
  4.  Identify and plan for your family management succession issues
  5.  Identify and review your owner succession exit strategies
  6.  Review your estate tax plan
  7.  Address issues related to your succession plan
  8.  Implement action plan