Personal Finance
Personal Finance
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Heather Flanagan, PNC Delaware Trust Company
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Business Succession Planning

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As a business owner, you have specialized financial planning requirements. You need a wealth management strategy that will not only help secure your family's financial future, but also answer the question of what will happen to your business when you choose to take a less active role.

A business succession plan can help you ensure that your business continues successfully and your financial goals are met.

What can a business succession plan do for me?

Whether you choose to transfer out of your current role or leave the business altogether, a business succession plan can help ensure the orderly transfer of ownership - to your partners, other family members or your heirs.

How does succession planning work?

Our succession planning experts have deep experience in valuing companies and structuring successions that take into account management and financial realities. If you would like your business to remain in your family, we can work with our estate planning professionals to pass on ownership interests in a fair and tax-advantaged way that is in keeping with your wishes.

We will work with you to structure buy-sell agreements that outline the terms of transfer and we may suggest life insurance options that may ensure liquidity for share buyouts. In the event of your unexpected death, a succession plan can preclude a forced sale and help ensure that your business continues to operate with minimal disruption the way you intended.

How can I exit my business and realize its value while I'm still around to reap the rewards?

Your business succession plan may call for the outright sale of your business. Your PNC advisor can work with PNC Capital Markets, LLC to offer you the expertise you need to realize your company's full value. Our team can help you value your company, identify potential buyers, coordinate the bidding process and take the deal to closing. Once you receive the proceeds, your PNC advisor can help you with financial solutions that can potentially minimize taxes and help you preserve your wealth.

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