Succession Planning

Family Succession Planning:

Family Succession Planning ensures the protection and succession of your assets during your lifetime so that it can be passed on to your intended beneficiaries at an opportune time and in a hassle-free manner. Succession planning isn’t only for the rich. Without a plan in place, settling your affairs after you go, could have a long-lasting—and costly—impact on your loved ones, even if you don’t have a pricey home, or valuable art to pass on.

KEY TAKEAWAYS from Succession planning:

•  Succession planning allows you to choose who gets what.
•  Succession planning affords you the chance to name your children’s guardian in the event of your early death.
•  Succession planning reduces taxes on what you leave behind.
•  Succession planning minimizes the chances of family strife and ugly legal battles.

In PKP & Co we offer the following services in Family succession planning

•  Advisory
•  Drafting & Execution
•  Trusteeship
•  Executorship
•  Safe Custody

Corporate Succession Planning:

Corporate succession planning is the process of identifying and internally developing talent with the specific objective of replacing key business leadership positions in the company. Succession planning is a process that ensures your company is prepared for the future. That way, when a key employee leaves, you already have someone in mind to fill their position (who, hopefully, has been groomed for this eventuality).

Succession planning keeps your business moving forward during the inevitable changes that come with running a business. And such plans serve as an excellent tool for retaining your strongest performers, who often tend to be the type of employees who need to know where their career is headed.

In PKP & Co we assist you in the following business succession plans

•  Co-owner — Selling your shares or ownership interests to a co-owner(s)
•  Heir — Passing ownership interests to a family member.
•  Key Employee — Selling your business to a key employee.
•  Outside Party — Selling your business to an entrepreneur outside your organization.
•  Company — For a business with multiple owners, you can sell your ownership interests back to the company, then distribute to the remaining owners.