<img height="1" width="1" style="display:none;" alt="" src="https://px.ads.linkedin.com/collect/?pid=6611428&amp;fmt=gif">

Succession Planning 101: The Keys To Successfully Handing Over Your Business

A photo of a handshake between two people.

By Jennifer Barnes, Founder & CEO

 

More U.S. business owners than ever before are considering retirement right now. Assuming your exit plan doesn’t simply involve locking the door and never looking back, there are a number of reasons why you need to start thinking about how best to hand over your business at least two years prior to your planned departure (better still, make that five years).

The stark reality is that many business owners are surprised to discover that they’re not going to end up with as much money as they’ve been expecting. Taxes are the biggest culprit. In California, plan on handing the taxman about 40% of your net proceeds. Factor in transaction costs and you’re easily at 50%. Moreover, the real value of your business versus a “back of the envelope” valuation can be a shock.

 

Continue reading article on Forbes here.

 

DISCLAIMER – Due to the daily changing environment and guidelines being provided by the government, this information could be outdated. Please contact our office for the latest updates and guidelines. Optima Office is not responsible for any actions taken due to the information provided. The information provided here is for instructional purposes and does not represent legal advice being given by Optima Office.

 

 

Contact Us Today

A photo of a man holding a pen and looking at documents, using a calculator.

6 Ways Accountants Help Business Owners Make Smarter Decisions

By: admin

There are many benefits of hiring an accountant for your business. Accountants have a deep understanding of what the numbers on financial statements represent and what problems they could be...

Read more
Harvard Business School of San Diego

HBS of San Diego Management Program - Apply For Scholarship

Image of Braedon Stern
By: Braedon Stern

Are you ready to take your leadership skills to the next level? The Harvard Business School of San Diego Management Program can help you get there. This immersive program will broaden your...

Read more
a collage of 10 photos of YEC entrepreneurs, including Optima Office CEO, Jennifer Barnes

Hard Decisions & Tough Moments: 10 Entrepreneurs Share

By: admin

By Expert Panel, Young Entrepreneur Council

Read more