Succession Planning | CPAs + Tax Advisors
Transitioning a family-owned business from one generation to the next can be daunting. Which is why many business owners put off addressing the questions, challenges, and decisions inherent to the process. But when you stop to appreciate the painstaking process you went through to build your business, you have a deeper appreciation of the significance of this vital step – both for your business and your family. We’d like to help in the succession planning process.
Hungerford Nichols has been focused on both family owned and closely-held businesses since 1941. Like you, we’re locally owned and managed, and know about business in from our own experience. A number of our long-term clients are multi-generational businesses, and we’ve helped guide many through the succession planning process. Often the first step is to address a few basic questions.
Questions Regarding Succession
- Who has the passion for running the business?
- What are the goals of individual family or team members?
- What training or education might be necessary for individuals interested in the succession process?
- What is the appropriate timing and time frame for a transition?
- How can the process be handled in the most tax saving manner?
- How can I achieve an orderly transition of assets to the next generation?
On behalf of your business, we’ll coordinate our services with other trusted advisors, including your bankers, attorneys and insurance professionals. We make it our business to know your business, and we’ll be there advising you through every important step of the journey.
We can assist with the following services:
- Asset analysis and valuation
- Advising on transfer strategies
- Quarterbacking the implementation
- Advising the next generation
Connect with Our Trusted Advisors
Get in touch with our CPAs and business advisors today. We have five locations across to help serve you better. Visit our offices in Grand Rapids, Greenville, Holland, Muskegon, or St. Joseph.