Succession Planning

What will happen to your business when you are no longer at the helm?
If this is a question that keeps you up at night, you are not alone. Over the years, we have helped scores of business owners address this and many other complex issues pertaining to business succession.

Building the bridge to succession
We like using bridge building as a metaphor for succession planning. You, the business owner, are on one side of the river and your goal is to get to your exit plan on the other side. Yet the river is roaring with the noise of important day-to-day issues such as profitability, taxes, litigation, customers, hiring, management, and more. It's difficult to focus on the big picture when the everyday is robbing you of attention.

A three-pronged approach to help you succeed
The way we work with our clients is by building the three essential components of a business success plan: a business continuity plan, a personal financial plan, and an exit strategy. The business continuity plan helps protect what you have worked so hard to develop. The personal financial plan helps determine your personal financial needs today and into retirement. The exit strategy helps you figure out how to leave the business, when, and for how much.

Navigating the complexities of family businesses
We are no strangers to the relational and financial complexities of being in business with family. All too often we deal with issues of equity versus fairness, including the difficult conversations surrounding who is best suited to carry on the family business. Not only do we have years of experience in working with families, we also have access to reputable family business therapists who can help resolve these very sensitive issues.

Avoid the mistakes we most commonly encounter
The number one mistake we see business owners make when it comes to succession planning is procrastination. Waiting too long to create your desired outcome can be costly. When you no longer control when, to whom, and for how much you will transition your business, you have waited too long.

Other mistakes we see are the lack of a business continuation plan, the absence of adequate liquid assets outside of the business, and management inequities such as treating family members differently than equally qualified non-family employees.

Where to begin?
Many of our business owner clients are stymied by the gargantuan task of planning for business succession. We recommend addressing this deemed large problem through a series of manageable steps. It all begins with having a contingency plan for your business today. What would happen to your business if you were not there today – for a short or extended period of time? Do you have the systems, processes and people in place to keep operating profitably?

Let that be your starting point.

Make the call today. Contact us for a no cost/no obligation consultation.