Secure Your Company’s Future with Business Succession Planning for Peoria IL
As a business owner, you ought to be proud of what growth and success you’ve accomplished through your company. However, as the years progress, you should have a plan in place for what happens to your business when you eventually decide to retire. The sooner you have a succession plan, the better off your business will be. And with assistance from Martin Hood LLC, you can settle business succession planning for Peoria IL in no time.
What a Succession Plan Covers
There are many aspects to a succession plan that one must consider if you want as smooth a transition as possible. Allow Martin Hood to be your guide throughout the process.
- Potential Successors – First, you must decide on a list of potential successors if you were to step down from ownership of a business. This list can always be changed and added to. Your successor list ought to include the most qualified candidates for your role. Also, for family-run businesses, you might consider family members as potential successors.
- Timelines – How fast will a transfer of ownership go into effect once you announce you’re stepping down? Or, for more sudden succession scenarios, is there a person that would take charge in the interim until a successor is chosen? By establishing timelines for different succession situations, we make sure your business continues to run efficiently while ownership is sorted out.
- Role Descriptions – Establishing what you do as an owner is crucial to ensuring the next owner can fit seamlessly into your position without much issue. So, we put together documents, procedures and instructions that the next person can adopt to lead your company successfully.
- Succession Types – Whether from retirement or an inability to continue working, there are several common ways to transfer business ownership. For example, shares can be sold to a co-owner, an outside party can buy out your organization, etc. Throughout business succession planning in Peoria IL, we are sure to have a plan for every succession type.
An Active Role in Your Business
Our accounting firm takes a more active role in the financial going-ons of your business. Martin Hood employs, trains and educates our staff in numerous industries, so our work most accurately reflects your business. Through such training, our company can provide supporting services such as:
Give Us a Call
Ensure your company is prepared for anything with business succession planning for Peoria IL. And for other accounting or bookkeeping services, you can count on Martin Hood LLC. Learn more by calling today at 309-322-7643. Also, we are located at 4801 N Prospect Rd, Peoria Heights, IL 61616.