Succession Planning Articles
Smart Succession: Using ESOPs to Preserve Wealth and Transition Ownership
Posted by Cheryl A. Jankowski on June 12, 2025
An Employee Stock Ownership Plan (ESOP) offers a strategic way for closely held business owners to transition ownership while preserving wealth and minimizing taxes. By selling company stock to an ESOP, owners can gain liquidity, retain control, and create a valuable employee benefit, all within a tax-advantaged structure. However, the benefits must be weighed against setup and ongoing administrative costs.
Selling Your Business: A Guide to Effective Succession Planning
Posted by Cheryl A. Jankowski on October 28, 2024
For business owners considering selling their companies, having a clear succession plan is crucial.
Why Every Business Owner’s Estate Plan Needs a Buy-Sell Agreement
Posted by Cheryl A. Jankowski on October 24, 2024
A buy-sell agreement is essential for business owners, ensuring an orderly transition of ownership in the event of death, disability, or other major changes. This agreement defines how a departing owner's interest is valued and purchased, often funded by life insurance, and provides flexibility to keep ownership within the family or provide liquidity for estate expenses. Regular reviews keep the agreement aligned with current business value and tax regulations, preserving the business's legacy for future generations.
Succession Planning for Your Business? Consider These Six Ways to Lean on Your Tax Accountant as a Trusted Advisor
Posted by Cheryl A. Jankowski on October 07, 2024
The journey from founding a company to successfully handing over the reins involves navigating a complex maze of financial, legal, and even emotional challenges.