Business Succession Planning Dallas TX Financial Advisor Robert Davenport
Business Succession Planning Dallas TX Financial Advisor Robert Davenport
Business succession planning is one of the most complex and most consequential financial planning challenges that Dallas business owners face, and it is also one of the most commonly deferred. The combination of emotional difficulty in confronting the eventual transfer of a business that has been the center of the owner's professional identity for decades, the complexity of the planning dimensions involved, and the lack of urgency until the transition becomes imminent creates a planning gap that can have very significant financial and family consequences when circumstances finally force the issue.The financial dimensions of business succession planning include the valuation of the business, the tax structuring of the transfer whether by sale, gift, or bequest, the funding of any transition obligations through life insurance or other mechanisms, and the investment strategy for the proceeds of a sale or the ongoing income stream from a retained interest. Each of these dimensions must be planned in coordination with the others, and all of them must be integrated with the owner's personal financial plan to ensure that the business transition achieves both the business goals and the personal retirement income goals simultaneously.
Robert Davenport at Farther has worked with Dallas business owners on succession planning that involved all of these dimensions, coordinating with business attorneys, CPAs, business brokers, and other specialists to ensure that the plan was coherent across all of its dimensions. His Accredited Estate Planner designation reflects advanced training in the estate and transfer dimensions of business succession, which are often the most technically complex components of the planning.Robert Davenport - Wealth Advisor at Farther | Dallas, TX | (214) 617-3424
Robert Davenport - Wealth Advisor at Farther | https://raymondiomk761.iamarrows.com/financial-planning-dallas-business-owners-robert-davenport-farther Dallas, TX | (214) 617-3424