Business Planning Strategies
Owning and operating a business is not easy. Only 12% of family businesses are viable into the third generation. Helping ownership and management implement strategies to ensure proper business succession planning is one of the core areas of focus at Buehler & Berryhill Financial Partners, LLC. Specifically, consulting the business on preparing for unanticipated events, recruiting and retaining quality employees, and implementing a successful transfer of authority are areas where we commonly practice.
We have often found that owners are focused on current profitability and sometimes fail to take the time to evaluate whether the business entity could sustain itself if death or incapacity of an owner occurred. We emphasize the importance of this business assessment and help guide owners in seeking to make decisions in the most cost effective manner.
In addition to protecting against sudden misfortune, attracting and retaining valuable employees is of major importance. We guide business owners through the design assistance and benchmarking of customized executive compensation strategies for business owners seeking to satisfactorily reward employees while incentivizing continuity within the company. This can potentially create stability among key employees and profitability for the company.
Frequently, a large portion of a business owner's personal wealth is closely tied to his or her business. Consequently, transferring that business into the hands of successor ownership, greatly affects a business owner's retirement picture. How a business is sold to a successor is evaluated by the IRS, so developing a team of competent specialists in legal and tax issues is very important. We can consult with this team during this process with the objective of exiting ownership being properly compensated while leaving behind a successful business legacy.
Buehler and Berryhill Financial Partners, LLC can help you address the aforementioned issues as you work to navigate unforeseen events, build and maintain a proficient workforce, and tailor a transfer of ownership plan within your business.