What Is Business Planning?
Thoughtful business planning provides direction for your company. It acts as a road map to guide you as your business moves forward and encounters unforeseen obstacles. A proper business plan can establish a retirement income, reduce taxes and provide for beneficial use of your assets upon your retirement or death.
Whether your business is large or small, business planning is essential for anyone who owns a business. Have you been looking forward to the day you can retire, turn your business over to a son or daughter or possibly sell it? Even if you are not planning to retire, you need to plan for the day you cannot run your business due to unforeseen circumstances, such as illness or death.
Planning your exit from your business should be an integral part of your estate and retirement planning. Effective planning now can provide:
- A retirement income
- Reduced income and estate taxes
- The possibility of benefiting a charity (even if you transfer your business to family members at discounted values, to employees or to an outside buyer)
Don’t get too caught up in the day to day process and forget to plan for the future of your business. If you continue to own a business until you die, it will be included in your estate and could be subject to substantial estate taxes. In turn, your family could be forced to sell the business or its assets. You will have worked hard for all these years and your family will not reap the benefits.
If you would like to discuss your business planning options, please call our office and schedule an appointment with Justin M. Gilbert.