{"id":16054,"date":"2014-12-16T11:59:19","date_gmt":"2014-12-16T16:59:19","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2014\/12\/succession-plan-must-haves.html"},"modified":"2014-12-16T11:59:19","modified_gmt":"2014-12-16T16:59:19","slug":"succession-plan-must-haves","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2014\/12\/succession-plan-must-haves\/","title":{"rendered":"Business Report: Succession Plan ‘Must Haves’"},"content":{"rendered":"
\n
\n\"carl\n<\/div>\n
Carl Cedrone, financial advisor, AAMS, Edward Jones Financial in Queensbury\n<\/div>\n<\/div>\n

BY CARL CEDRONE, AAMS<\/p>\n

If you own a business, you may well follow
\na “do it now” philosophy — which is, of
\ncourse, necessary to keep things running
\nsmoothly. Still, you also need to think about
\ntomorrow — which means you’ll want to take
\naction on your own retirement and business
\nsuccession plans.<\/p>\n

Fortunately, you’ve got some attractive
\noptions in these areas. For example, you
\ncould choose a retirement plan that offers
\nat least two key advantages: potential
\ntax-deferred earnings and a wide array of
\ninvestment options. Plus, some retirement
\nplans allow you to make tax-deductible
\ncontributions. <\/em>
\nIn selecting a retirement plan, you’ll
\nneed to consider several factors, including
\nthe size of your business and the number of
\nemployees. If your business has no full-time
\nemployees other than yourself and your
\nspouse, you may consider a Simplified Employee
\nPension (SEP) plan or an owner-only
\n401(k), sometimes known as an individual
\nor solo 401(k). Or, if your goal is to contribute
\nas much as possible, you may want to
\nconsider an owner-only defined benefit plan.<\/p>\n

If you have employees, you might want to
\ninvestigate a simple IRA or even a 401(k)
\nplan. Your financial advisor, working with
\nplan design professionals and your tax advisor,
\ncan help you analyze the options and
\nchoose the plan that fits with your combined
\npersonal and business goals.<\/p>\n

Now, let’s turn to business succession
\nplans. Ultimately, your choice of a succession
\nplan strategy will depend on many
\nfactors, such as the value of your business,
\nyour need for the proceeds from the sale
\nof the business for your retirement, your
\nsuccessor, and how well your business can
\ncontinue without you.<\/p>\n

If your goal is to keep the business within
\nthe family, you’ll need to consider how much
\ncontrol you wish to retain (and for how
\nlong), whether you wish to gift or sell, how
\nyou balance your estate among your heirs,
\nand who can reasonably succeed you in running
\nthe business.<\/p>\n

Many succession planning techniques
\nare available, including an outright sale to
\na third party, a sale to your employees or
\nmanagement (at once or over time), or the
\ntransfer of your business within your family
\nthrough sales or gifts during your life, at your
\ndeath or any combination thereof.<\/p>\n

Many succession plans include a buysell
\nagreement. Upon your death, such an
\nagreement could allow a business partner
\nor a key employee to buy the business from
\nyour surviving spouse or whoever inherits
\nyour business interests. To provide the
\nfunds needed for the partner or employee
\n(or even one of your children) to purchase
\nthe business, an insurance policy could be
\npurchased.<\/p>\n

Your estate plan — including your will
\nand any living trust — should address what
\nhappens with the business, in case you still
\nown part or all of it at your death. The bestlaid
\nsuccession plans may go awry if the
\nunexpected occurs.<\/p>\n

All these business succession options can
\nbe complex, so before choosing any of them,
\nyou will need to consult with your legal and
\nfinancial advisors.<\/p>\n

Whether it’s selecting a retirement plan
\nor a succession strategy, you’ll want to take
\nyour time and make the choices that are
\nappropriate for your individual situation.
\nYou work extremely hard to run your
\nbusiness — so do whatever it takes to help
\nmaximize your benefits from it.<\/p>\n

Cedrone is a financial advisor with Edward
\nJones Financial in Queensbury.<\/em><\/p>\n

Photo Courtesy Edward Jones Financial<\/p>\n","protected":false},"excerpt":{"rendered":"

Carl Cedrone, financial advisor, AAMS, Edward Jones Financial in Queensbury BY CARL CEDRONE, AAMS If you own a business, you may well follow a “do it now” philosophy — which is, of course, necessary to keep things running smoothly….<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[67,84,123],"yoast_head":"\r\nBusiness Report: Succession Plan 'Must Haves' - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2014\/12\/succession-plan-must-haves\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Business Report: Succession Plan 'Must Haves' - 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