Succession Planning

Contact Partner:
Elmer J Washburn, CPA, ABV
or
Larry J Sheeler, CPA 

Wealth Preservation & Business Succession

If you own a family business, retirement isn't simply a matter of deciding not to go into the office anymore.  In our capacity as your business advisor, our goal is to provide our client with the resources and knowledge necessary to make decisions related to:

• business valuations
• mergers and acquisitions
• retirement planning
• planning for ownership transfers and business succession
• estate planning

WEST & COMPANY CPAs PC participates in the American Institute of Certified Public Accountants' Quality Review Program. We have received the highest level of report issued under the program since its inception.

Knowing that you have certified professionals who are familiar with every aspect of your business can be assuring. WEST & COMPANY CPAs PC is committed to providing close personal service to all of our clients. We want to be a part of your management team. We are available to assist you with any aspect of the financial management of your business that causes concern or problems.

We welcome the opportunity to meet with you, show you our facilities and discuss your present situation.

We help you with these key issues -

• Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options.

• Who's going to run the business when you're gone? Management and ownership are not one and the same. You may decide to transfer management of your business to just one of your children but transfer equal shares of business ownership to all your children, whether they're actively involved in the business or not.

• Minimizing the tax bite. The tax burden when transitioning a family business can be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due when ownership is transferred.

• Making it fair. Transferring family ownership often adds a tremendous amount of stress to individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie.

What we do for you...

Once we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these 5 issues...

1. Business Valuation

2. Business Restructuring

3. Tax Consequences

4. Retirement Projections

5. Tax Projections

WEST & Company CPAs PC