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transaction , many require several tax years for maximum effectiveness . With sufficient time , for example , you can consider gifting plans for shares / interests , executive compensation plans , corporate-owned life insurance , redomestication ( for the business ) or change in residency ( for the owners ), and corporate restructuring . To minimize tax liabilities and optimize financial outcomes , you can ( and should !) develop a multi-prong , multilayer tax strategy tailored to your unique situation , so long as you start planning early enough .
Identify Potential Successors
Early succession planning allows you to cultivate a strong leadership pipeline , enabling you to maintain continuity and reduce the risk of a leadership vacuum . Ideally , the transition from owner to
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successor should be a gradual process over a period of years .
Communicate Early and Often
Early succession planning enables you to have open and honest conversations with your family members , partners , and key stakeholders to help to manage expectations , resolve conflicts , and align interests and objectives . Transparency and full knowledge are critical components to driving accountability and engagement with the process . If your business is a family-owned enterprise , it is crucial to involve family members in the succession planning process . ( Related : How a corporate trustee might save Thanksgiving dinner .)
Washington Trust : Creating Success in Succession
Washington Trust looks at succession planning as an integral part of running a business and knows what it takes to create a successful transition . Its
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multi-disciplined teams in Wealth Management and Commercial Lending have the experience and expertise to guide you through the process of developing a solid business succession plan that will help you build your legacy , prepare for your retirement , grow your business , and protect your assets . It ’ s never too early to start .
Joseph M . Confessore Senior Vice President , Team Leader , Commercial Banking and Wealth Management , Certified Exit Planning Advisor ( CEPA ®) Washington Trust
ASTRO MOVING & STORAGE
Astro Moving & Storage is the leader of excellence in the moving industry . Families , businesses and real estate agents continuously choose Astro for their relocation needs . We offer free in-home estimates and can handle any type of move : small , large , interstate , local or corporate .
HOW WE STARTED
Chuck Lamendola , Jr . founded Astro Moving & Storage in 2000 . Chuck first started in the moving industry in 1978 , as an owner-operator for Wheaton Van Lines , and brought his thirty-plus years of hands-on experience and quality of service into his own agency .
WHAT MAKES US UNIQUE
Family-owned and operated , Astro of New England has built a reputation of quality and excellence in service . Most of our employees have been with Astro since the start and continue to uphold our referral-based reputation . At Astro , we treat our customers like family .
PRODUCTS / SERVICES
Professional packing and crating services Corporate relocations and office logistics Local and interstate moving Climate controlled storage
25 Industrial Dr . Exeter , RI 02822
1-877-95-ASTRO ( 27876 ) astronewengland . com
SWEENOR ’ S CHOCOLATES
Sweenor ’ s Chocolates is Rhode Island ’ s largest chocolate manufacturer and is well-known for its quality products . Located in Garden City Center Cranston , Wakefield and online .
HOW WE STARTED
Sweenor ’ s Chocolates started modestly more than seventy years ago as a home business in Cranston , Rhode Island . Schoolteacher Walter Sweenor learned the trade from his father , a candy maker in Springfield , Massachusetts in the early 1900s . The business was passed down to Bill Sweenor and his wife Claire in the 1960s .
WHAT MAKES US UNIQUE
Sweenor ’ s Chocolates is now owned and operated by fourth-generation confectioners . Brian Sweenor continues to create a wide assortment of treats by hand and Lisa Sweenor Dunham handles the retail and business side of the company . Bill Sweenor , at 83 , continues to help in the kitchen .
PRODUCTS / SERVICES
Gourmet chocolates and truffles Chocolate novelties and non-chocolate items
21 Charles St .
Gift items and baskets Wakefield , RI 02879
Corporate gift giving
401-783-4433 We ship anywhere in the United States sweenorschocolates . com
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