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Applied Financial Group - Woodbury, NY

The Living Balance Sheet

Succession Planning

Have you ever considered how your business would operate without you at the helm? Succession needs can occur before your planned time horizon, which is why it’s just as important to plan for the “what ifs” as it is to plan for “what’s next.” At Applied Financial Group, we work closely with business owners to develop high-level strategies designed to protect you and everything you have worked for from being sidetracked or destroyed by an inevitable misfortune. By taking a problem-solving approach to your specific needs, we can apply our knowledge in the intricacies of our tax system to develop contingency strategies to prevent the downfall of your business and future.

Whether you pass on your business to a family member or sell it, a succession plan is critical for ensuring a smooth transition and organized transfer of ownership. A succession plan should address multiple concerns and goals, including your retirement objectives and desire to protect against unexpected occurrences.

We can create a succession plan designed to help you:

  • Plan for the unexpected
  • Remove emotional decision-making
  • Calculate your business’ future needs
  • Mitigate taxes
  • Avoid a decline in the value of your business in the event of death or disability
  • Coordinate with your estate plan to minimize taxes
  • Prevent a loss of control over the disposition of your company
  • Efficiently transfer your business to a buyer or successor

Learn more about the essential seven steps to a successful business exit.

Do you feel ready for retirement? Check out the Guardian Small Business Owners Retirement Readiness Study.