Introduction to Wealth Strategies
Tampa Bay accounting firm, GSS offers a wide range of financial planning and wealth preservation services, including business valuation and planning. Our approach is holistic and starts with a discussion of your life and financial reporting goals. We can assist you in the succession planning process when transferring your business to your children or key employees. You may decide to sell your business if there is no one in the organization to succeed you. With any business, you need to know its value to achieve your objectives, and GSS can assist you by performing business valuations periodically. Our objective is to help you provide for your family, friends and charitable organizations that you value after you pass away, while minimizing estate and income taxes. Our succession planning process will give you peace of mind. We’ve compiled a list of frequently asked questions for each general area of services below.
How can I transfer my business to my children?
What is succession planning and when should I start?
How can you help me with my succession planning process?
GSS provides business valuation services to assist you with determining the monetary worth of your business.
What are the benefits of knowing what my business is worth?
- Compliance. The IRS requires all businesses to be valued for estate and gift tax returns. Certain transactions (sales or gifts) for income tax purposes also require a valuation of your business.
- Planning. For your financial well-being, it is crucial to know the value of your business in structuring buy-sell agreements, financial planning, and mergers and acquisitions.
- Litigation. Determining the value of your business will assist in resolving stockholder disputes, determining damages, settling insurance claims and solving other business disputes.
How is my business valued?
- Define the appraisal engagement.
- Gather the necessary data (financial and underlying official documents) to assist in performing the appraisal.
- Analyze the data to develop an understanding of the business and the economic impacts of business operations going into the future.
- Estimate the value of the business.
- Provide written communication describing the business valuation process and how the value was determined.