{"id":15584,"date":"2026-05-18T15:14:59","date_gmt":"2026-05-18T20:14:59","guid":{"rendered":"https:\/\/legendcreative.com\/dev\/tavasllc\/?page_id=15584"},"modified":"2026-09-17T15:51:33","modified_gmt":"2026-09-17T20:51:33","slug":"succession-planning","status":"publish","type":"page","link":"https:\/\/legendcreative.com\/dev\/hardyproair\/succession-planning\/","title":{"rendered":"Succession Planning"},"content":{"rendered":"

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Succession Planning<\/span><\/h1>\n

[\/vc_column_text][\/vc_column][\/vc_row][vc_row tm_bgimage_position=”center_top” full_width=”stretch_row” css=”.vc_custom_1778877120018{padding-top: 75px !important;padding-bottom: 75px !important;background-image: url(https:\/\/legendcreative.com\/dev\/hardyproair\/wp-content\/uploads\/2026\/05\/successionplaning-bk-1.jpg?id=15536) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column][vc_row_inner][vc_column_inner width=”1\/2″][vc_single_image image=”15547″ img_size=”full” alignment=”center” css=””][vc_empty_space height=”25px”][vc_single_image image=”16258″ img_size=”full” alignment=”center” css=””][vc_empty_space height=”25px”][vc_single_image image=”15545″ img_size=”full” alignment=”center” css=””][\/vc_column_inner][vc_column_inner width=”1\/2″][vc_column_text css=””]\"\"<\/strong><\/span>\u00a0 LEAVING IT BEHIND<\/strong><\/span>[\/vc_column_text][vc_column_text css=””]<\/p>\n

\"\" \u00a0<\/em>Successful <\/span><\/strong>Succession Planning<\/em><\/strong><\/span><\/h2>\n

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Examine the tax consequences<\/span><\/strong><\/em><\/h4>\n

Succession planning for business owners frequently want the business to carry on after their retirement or death. Many owners do not come to a firm decision regarding what will become of the business after their exit. Instead, many believe they are \u201cleaving their options open\u201d as to whether they plan to transition the business to the next generation, sell to employees, or sell to a third party. Regrettably, this indecision could cause the demise of a lifetime\u2019s worth of sweat and effort.<\/span><\/p>\n

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In the backs of their minds, business owners plan on using the sale of their business to fund their retirement.\u00a0 Whether through a planned sale or through succession to their children, they feel the business will provide for them after they have left active duty. Unfortunately, without a plan, they threaten not only their own financial independence during their Golden years, but also the livelihood of their families and their employees. Even though so many depend on a solid succession\/exit plan, the other priorities of day-to-day business push succession planning to the back burner.<\/span><\/p>\n

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A comprehensive succession plan is not an event, but rather a process.\u00a0 As such, one of the biggest assets in a succession plan is time. Succession planning steps must be thought as parts of a complete progression rather than piecemealed, separate actions. None of the steps within a succession plan occur within a vacuum, and a deviation in any of the steps could end up costing ownership in the end.<\/span><\/p>\n

Neglecting succession planning could result in any of the following:<\/strong><\/span><\/p>\n