Succession and Exit Planning Services Group
Running your business is a huge part of your life today, but what about tomorrow? When it’s time to transition from your leadership to the next generation, it’s important to have a team of experts working with you to ensure your business is positioned for success into tomorrow.The Experts in Succession and Exit Planning Accounting and Consulting at Corrigan Krause
Succession and exit planning is crucial for business owners looking to transition ownership smoothly while maximizing financial outcomes and minimizing risks. The Succession and Exit Planning team at Corrigan Krause can help you develop a well-structured exit plan that ensures your business is financially prepared for a sale, succession, or transfer. We can play a key role in assessing your business’ financial health, identifying any potential liabilities, and optimizing the structure of the sale to enhance profitability. Our team can also help maintain compliance with legal and regulatory requirements, ensuring a seamless transition for employees, clients, and stakeholders.
Available Services
- Accurate Valuations
- Tax-Efficient Strategies
- Financial Due Diligence
- Tax Planning & Structuring the Sale
- Succession Planning & Financial Strategy
- Contract & Agreement Support
- Employee & Payroll Transition
- Post-Sale Financial Advisory
Choose a Firm that Specializes in Succession and Exit Planning
Succession/exit planning is essential for business owners because it prepares your business for a smooth, strategic, and financially optimized transition. Exit planning involves complex financial, legal, and operational considerations, and the Exit Planning team at Corrigan Krause provides expert guidance to navigate these challenges effectively.
Here are some key areas our Succession and Exit Planning Team and strategic partners can help you and your business:
Identify Key Roles &
Successors
- Define critical leadership roles
- Identify potential internal and external candidates
- Assess skills, experience, and leadership qualities
Business Valuation
- Assess the company’s financial health and market value
- Conduct a financial analysis of assets, liabilities, revenue, and profitability
- Provide valuation reports to help determine a fair selling price
Financial Due Diligence
- Review financial statements, tax records, and cash flow report.
- Identify potential risks or liabilities that could impact the transition
- Ensure all financial records are accurate and up to date for prospective buyers
Tax Planning & Structuring
the Sale
- Advise on tax-efficient ways to structure the sale (e.g., asset sale vs. stock sale)
- Help minimize capital gains tax and other tax liabilities
- Ensure compliance with IRS regulations and state tax laws
Succession Planning & Financial Strategy
- Assist in creating a smooth transition plan for ownership
- Ensure the new owner understands financial obligations and cash flow management
- Help secure financing or loans if needed for the new owner’s investment
Contract & Agreement Support
- Work with legal advisors to structure buy-sell agreements
- Ensure financial clauses in the contract protect the seller and buyer
- Review non-compete clauses, payment terms, and warranties
Employee & Payroll Transition
- Assist with transitioning payroll, benefits, and employee compensation plans
- Ensure compliance with labor laws and tax withholding requirements
- Help the new owner understand existing financial obligations to employees
Post-Sale Financial Advisory
- Guide the outgoing owner on tax implications and wealth management
- Assist the new owner in setting up accounting systems and financial controls
- Provide ongoing advisory services for a successful transition
Knowledge Transfer & Documentation
- Establish processes for transferring client relationships
- Document key account strategies, client history, and best practices
- Utilize CRM tools to maintain institutional knowledge
Meet Our Succession and Exit Planning Team
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