Succession Planning

After you have accumulated and grown your wealth, it is equally important to protect and transfer that wealth. Can you list out the estates that you own? Many people cannot actually list down all they own and many of estate goes unclaimed even after we pass away. We at Jaspar we help you to identify all your estate and create appropriate estate planning tools such as Will, Power of Attorney, Letter of Intent etc, to transfer wealth which you could not even identify.

What makes up your estate

Anything you own today or at the time of your death or even after your death is your estate. It can be your:

Physical property such as Real Estate,
Financial assets such as securities and portfolios of securities,
Digital assets such as your phone number, email account, website url, your client data, etc., and
Intangible assets such as your Goodwill, your logo, your trade mark, and your Intellectual property such as your copy right, patent, etc.

Why is Succession Planning Important?

Do you want your family to inherit your property and enjoy the peaceful possession of it or else a family dispute after your death? If you do not want a mess or dispute after you pass away, you need to make the provision now by through appropriate estate planning tools for the seamless transfer of your estate to your loved ones.

Lastly even while you are alive, it is important to protect your assets against your predators. Your predators can be either internal or external to your family. If you perceive such predators, you need to secure your wealth against such predators so that your intended loved ones will continue enjoying your estate even after you pass away. In all these only Jaspar can be your ethical partner!

What is the difference between internal and external succession planning?

Internal succession planning involves identifying and training current employees to take on key roles within the company, while external succession planning involves bringing in new employees or outside partners to take on leadership roles. Both can be important for a successful transition of the business.

What are the key elements of a Succession Plan?

Key elements of a Succession Plan include identifying potential successors, developing a plan for the transition, communicating the plan to key stakeholders, providing training and development opportunities, and establishing a timeline for the transition. Additionally, it's important to review and update the plan regularly, consider tax and legal implications, address key man insurance and identify potential roadblocks.

How do I know if my business is ready for succession planning?

Your business may be ready for succession planning if it has reached a stable point in its growth, if key employees are nearing retirement age, if the owner is considering retirement or if there is a need to prepare for unexpected events. It's also a good idea to consult with a business advisor to determine if your business is ready for succession planning.

How long does it take to implement a Succession Plan?

The length of time it takes to implement a Succession Plan can vary depending on the complexity of the business, the number of employees and the transition timeline. It can take several months to several years. It's important to start the process as soon as possible to ensure a smooth transition.