Month: January 2022

Should Your Children Play a Part in Your Business Succession Plan?

Familial Considerations for the Next Generation of Your Business

When you view your business succession plan from a strictly financial standpoint, you’ll cover a lot of ground. You’re likely to think through things like market valuations, trust strategies, taxes, and more. What you might fail to put enough thought into, however, is the more personal aspect of business succession. Specifically, you’ll need to decide whether to include your children in your plans for maintaining the infrastructure of your business after your eventual retirement or death.

If you have adult children with an interest in taking over your company, you’ll need to plan for efficiently transferring both equity and control – as well as how to do so fairly. Below, we’ll talk through four considerations to keep in mind as you explore the more personal and familial aspects of your business succession planning.

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Ask These Five Questions When Selecting a Retirement Plan Consultant

Ask These Five Questions When Selecting a Retirement Plan Consultant

Ensure You’re Getting the Right Professional Assistance in this Complex Area of Your Business

As a business owner, you have enough on your plate without tackling all that’s required of you as a retirement plan sponsor. It’s complex, to say the least, and the growing number of court cases around mismanagement of retirement plans means the stakes are high to get it right. That’s why so many businesses rely on a trusted retirement plan consultant to help them navigate plan governance, design, oversight, fiduciary responsibilities, and more.

If you have determined that you need a skilled assist in this area, it’s critical to select the retirement plan consultant that’s best for you. While every company’s needs are unique, there are a few baseline questions you should ask any consultant you’re considering, and we recommend starting with the five questions below.

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