Plan For Your Succession

Succession planning is crucial to ensuring the longevity of the business you’ve worked hard to build. Yet, transferring your business to a family member or associate is often fraught with challenges. Studies show that 7 out of 10 family-owned businesses fail to survive the transition from generation to generation. The reasons? Lack of planning, unresolved family dynamics, and tax burdens.

At Thomas Taylor, CPA, we specialize in helping business owners create comprehensive succession plans that safeguard their legacy, minimize risks, and set future generations up for success.

Why Succession Planning Matters

Without a clear, legally documented plan, your business could face:
Succession planning ensures a smooth transition, whether you want to keep the business in the family, sell it, or transfer ownership in another way.
Plan for Your Succession

Key Issues to Address in Succession Planning

Bank Reconciliation
Determining the Future of Your Business

Do you want to keep the business in the family, sell it to a third party, or transfer ownership in another manner?

  • We’ll help you weigh the pros and cons of each option.
  • Ensure the business provides for you in retirement while supporting future generations.
Income Statements
Separating Ownership from Management

Ownership and management are distinct responsibilities.
Who will manage the day-to-day operations if you step down?

  • Will your heirs actively run the business or remain as passive owners?
  • We’ll help clarify these roles to prevent confusion and ensure continuity.
Balance Sheets
Minimizing Tax Burdens

Taxes are inevitable when transferring ownership.

  • We’ll analyze tax implications and structure the transfer to minimize the financial impact.
  • Our goal is to protect your family and business from unnecessary tax burdens.
General Ledger Management
Avoiding Family Conflict

Unresolved decisions about ownership and inheritance often lead to discord.

  • Address fairness and expectations early to reduce emotional strain.
  • Communicate your decisions to ensure family members understand the reasoning behind them.
Plan for Your Succession

The Benefits of Professional Succession Planning

Protect Your Legacy

Ensure your business survives and thrives for future generations.

Minimize Financial Risks
Reduce taxes and other financial burdens during transfer.
Ease the Transition
Clarify roles, responsibilities, and expectations to ensure a smooth handover.
Plan for Retirement
Leverage your business to support your lifestyle and goals in retirement.

Our Succession Planning Services

At Thomas Taylor, CPA, we offer comprehensive support to:

Secure Your Business’s Future Today

Succession planning isn’t just about preparing for the future—it’s about ensuring peace of mind for you and your family. Let Thomas Taylor, CPA, guide you through the process with helpful advice and personalized solutions. Contact us today to schedule a consultation and start planning for your business’s continued success.
Phone Numbers :

Telephone : 423-648-8272

Email Address :

[email protected]

Office Location

6716 Heritage Business Court, Suite 110 Chattanooga, TN 37421

Safeguard your legacy and ensure your business thrives for generations with our professional succession planning services.