Richard Scrimale, chair of the business department and succession planning practice at Hancock Estabrook, LLP was featured in the Central New York Business Journal article “Succession Planning Leads to Smoother Ownership Transitions.”
“Business owners can perform one simple self-test to determine if they need to do succession planning for their business.
“Any business who looks out and says in 5 to 10 years, I don’t want to do this anymore,” should start succession planning now, says Richard Scrimale, chair of the business department and succession planning counsel at Hancock Estabrook, LLP in Syracuse.
Succession planning, in its most basic terms, is how a business will transition intact to new leadership or owners.
That planning should cover two main aspects, Scrimale adds. First is the actual business and how it will move forward with new ownership. The second, and more challenging aspect, is how to structure that change financially and with the best possible tax outcomes for all involved parties.”
Read more from the Central New York Business Journal.