Business Consulting and Succession Planning
Business Succession Planning
Lake Tahoe Wealth Management offers business owners its Integrated Succession SystemTM. Our process for business succession planning includes the following phases: Discovery and Family Meeting, presentation of preliminary solutions, finalization and agreement to solutions, implementation, and monitoring/annual reviews. Our business succession plans are not created in isolation of the rest of Client’s financial and non-financial life; we offer deeply integrated solutions that keep in mind the entirety of the Client’s planning picture, family emotional needs, and family dynamics. The financial aspects of the Client’s succession plan, financial plan, estate plan, and tax circumstances are all integrated into a seamless plan. Our Integrated Succession SystemTM covers:
- Transition of Ownership – Details the methodology for transferring ownership of your business to a well prepared successor. This may include identifying a successor, establishing a timeline for the transition, and defining the optimal method of transfer taking into consideration the Client’s goals, values, financial plan, income taxes, and transfer and estate taxes.
- Financial Security – Ensures that the Transition Plan or Estate Plan do not interfere with the Client’s Financial Plan by merging and integrating the analyses. A well-crafted plan provides financial security for each household dependent on the success of the business; and ensures that the business also maintains financial security.
- Successor Development – A plan to develop the next leader of the business; including people management, team development, project coordination, business design, professional growth, and continuing education. This aspect of the plan is absolutely critical for lasting success.
- Estate Integration - Commonly used estate planning techniques can compromise the integrity of a business by granting management control to inactive family members. The estate tax, gift tax, and generation skipping transfer tax can take a large bite out of a family’s nest egg while attempting to transfer ownership. Furthermore, common estate planning techniques can destroy a business owner’s financial independence when recommended in isolation of the family’s financial plan. A business owner’s estate plan must protect the financial integrity of the business, plan for equitable estate distributions between active and inactive family members, integrate with the financial plan, and support the family’s goal achievement.
Consulting To Other Financial Advisors
Due to extensive experience with many firms, advisors, and software packages, Lake Tahoe Wealth Management lends our expertise in wealth management to other wealth management and financial planning firms for compensation. This may include consulting regarding Operations, Processes and Procedures, Portfolio Management, and Succession Planning. We may also provide support to Advisors to assist their Clients with numerous analyses, including but not limited to Tax Planning, Estate Planning, Portfolio Analysis, Retirement Planning, Education Planning, Annuity Analysis, Cross-Border Planning, Executive Compensation Planning, and Risk Management. Lake Tahoe Wealth Management’s strength is derived from our exposure to so many top planners and firms over the years.