Partners in the Process

There are many professionals you should consult besides your family members involved in the company. This team will help you navigate everything from state and federal laws to dealing with the Internal Revenue Service.

A certified financial planner (CFP) has a formal recognition of expertise in the areas of financial planning, taxes, insurance, estate planning and retirement. The most important aspect of a CFP is to be a fiduciary of your assets, meaning that they will make decisions with your best interests in mind.

A certified professional accountant (CPA) should be on your team from the beginning to help you navigate complicated tax rules. They will also help you make decisions to minimize your tax liability while maximizing your proceeds.

A trusted attorney is a must for your team. Although there are many legal documents you can find yourself online, it’s helpful to have an actual professional who can navigate complex legal situations like transferring your business to the next generation.

If you will be utilizing your financial institution for any of these agreements, be sure to include your banker on the team. They have dealt with a variety of business situations and have a wealth of expertise and knowledge to share.

Another professional to consider is a certified exit planning advisor (CEPA)—a financial advisor who has special training to help business owners create an exit plan—a blueprint for selling your company for maximum benefit. Not just concerned with your business goals, they consider your personal and financial objectives as well.

Assembling the right team will make sure that the transfer of the business you have worked so hard and long to build will be in the correct hands going forward.