Succession Planning

Home – Financial Planning – Business Planning – Succession Planning

Make the most of what you’ve worked so hard to build.

Planning for your business to run smoothly if you’re not there helps make sure your family and employees are taken care of if something unexpected happens to you and it significantly grows the value of your business (likely your largest asset) if it doesn’t.

Two Types of Succession Plans

Emergency/Unplanned Transition

Orderly Liquidation

Legal Transfer of Ownership

Temporary Leadership Plan/Search

Proactive/Planned Transition

Develop Successors

Gap Analysis

Maximize Business Valuation

Unplanned Transition

Sometimes transitions happen unexpectedly. Things like death, disability, bankruptcy, or divorce of an owner can cause priorities to change & if there aren’t plans in place for what happens to your business things can get messy and expensive.

We’ll guide you through the process of making sure that if anything unexpected were to remove you or another owner from your business, everyone you care about today would be treated fairly.

We’ll bring in other professionals like attorneys or insurance agents depending on your goals, but ultimately we’re responsible for making sure all the pieces fit together.

Planned Transition

For business owners nearing retirement the topic of succession is unavoidable, but it often makes sense to begin planning as early as an owner has a sense of direction about when they’ll eventually exit.

We’ll work with and coordinate a team of professionals to manage several, often-competing, priorities that include:

Picking and preparing a successor

Determining a fair business valuation

Drafting purchase agreements

Evaluating financing options

Weighing tax impacts of different methods

The impact of doing this correctly can be as dramatic as several hundred percent more money the owner takes home after the succession is complete.

Want to better understand your options in designing a business succession plan?