To build the business you have today, you've invested years of your life and the bulk of your financial assets. But sooner or later, it's inevitable that someone other than you will own and run your business. Perhaps you'll transfer your farm or business to family members. Maybe you'll sell to a promising employee. You might also sell to an outside investor.

Whichever path you choose, you have a lot of things to consider before making your move. Remember that succession planning is a long-term process, not a one-time event. As a result, it is important you get the right advice from the start.

At MNP, we bring together specialists from a variety of fields to offer you two distinct, comprehensive packages of succession services: (1) the business succession plan; and (2) the farm succession plan. Both cover a wide range of issues, including:

Tax Planning. Is your succession-ownership transfer structure tax-effective? MNP will review the income tax implications associated with the transfer of assets and death.

Business Valuation. What is your business worth? This is an important issue in your succession plan, and one that should be tackled early in the process.

Retirement Planning. To retire comfortably, your plan needs strategies to ensure you will have a secure stream of retirement income.

Strategic Business Planning. A three- to five-year business plan is a fundamental base on which to build your succession plan.

Transfer of Management. Your successors must develop management skills to run the business successfully for the future. Without good management, your business will not thrive.

To view articles on succession, check out the MNP Library. To find out how our succession team can meet the needs of your farm or business, contact a local MNP advisor in your area or Carole Spooner, CA, Director of Succession Services at 1.800.661.7778.