Succession Planning

Planning is at the center of effective business management.

Create a strategy. Secure your future.

Planning for your exit is often one of the hardest things a business owner must do. Contemplating the business you built or help to develop without you is complex, difficult and emotionally challenging. Key issues such as leadership selection, personal financial concerns, the impact succession will have on the business and preparing a detailed strategy are challenging parts of the process. However, when succession planning is executed properly, it allows for the orderly transition of management while protecting the exiting owner professionally, emotionally and financially.

To help business owners through the process, Smith Schafer offers succession planning services designed to help Minnesota businesses create and execute a successful transition strategy. Whether you need help creating a succession plan or assistance with implementing various stages of the plan, our professionals can guide you.

Succession Planning Services:

Exit Strategy & Timeline Creation

Business Valuations

Business Restructuring

Buy/Sell Agreements

Due Diligence Consulting

Estate & Gift Planning

Financing Arrangements

Financial Statement Audits

Tax Planning

Transaction Structuring

We know your industry:

Construction & Real Estate

Professional Service Firms

Hospitality

Manufacturing

Transportation

Retail

Nonprofit

Contact us today to learn how we can help you and your company or organization prepare for the next chapter personally, professionally and financially.

Request a consultation

Succession Planning Resources

Calculation of Value: Why it’s important for your Business

Reading Time: 2 minutes COVID-19 has been a trying time for businesses and may be the right time to take advantage of business transition opportunities. With the current economic situation, gifting programs should be evaluated because of lower company values.

5 Common Succession Planning Problems

Reading Time: 4 minutes Succession is inevitable in a business. When the time comes to start thinking about retiring and/or transferring ownership, it is essential to understand common issues related to the process.

Importance of Valuations in Buy/Sell Agreements

Reading Time: 2 minutes If you own a business jointly with others, we recommend you establish an owner buy/sell agreement which governs what happens in situations, such as disability or death of an owner or an owner wants to dispose of their ownership interest.

« Older Entries

Subscribe to our blog

Our client satisfaction is exceptional, as demonstrated by our 95% satisfaction rate.

Contact Us

Why Clients Choose Us

“Have enjoyed good service for over 30 years.”

- R & W Fleming Corporation

“Our service is always exceptional and never have to second guess the answers.”

- EnergyPrint, Inc.

“Smith Schafer has provided second to none service and value to my business and personal accounts for over 30 years. Their expertise and knowledge are unmatched by any other accounting firm I have encountered over all these years.”

“The relationship we have built over the years with the staff at Smith Schafer & Associates is one that can never be replaced. They are quick with helping us figure anything out, always willing to pick up the phone and walk us through any problem we are having. Also they are just all so friendly and kind!”

“I have worked with Jason Boynton for several years. He has consistently provided exceptional service and advice always delivered in a timely, pleasant manner.”

“Smith Schafer always makes everything go smoothly. They were recommended to us by our community bank. We have been using their services for many years for our small business and personal taxes. We always feel well taken care of and that we are receiving the best advice, direction, information and tax preparation."

- The Dog Perk Corporation

“Smith Schafer always provides great information for our business. They are thorough with our accounting and financial planning. We have leaned heavily on them with interpretation of the PPP Loan and COVID-19 planning. They have been instrumental in our success and are always very knowledgeable and quick to respond to any of our questions."

“The relationship we have built over the years with the staff at Smith Schafer is one that can never be replaced. They are quick with helping us figure anything out, always willing to pick up the phone and walk us through any problem we are having. Also they are just all so friendly and kind!"

“We love our CPA team at Smith Schafer. They have helped us navigate many personal and business decisions."

“Smith Schafer is very dedicated to their clients and always has their best interests in mind. They are very knowledgeable and thinking ahead to what the clients may be needing in the future. We would highly recommend Smith Schafer to our family and friends."