Succession Planning

As you build your business, thinking about a succession plan may not be top of mind. But a well-thought-out plan can actually help grow your firm by giving your employees, clients, suppliers and banks greater confidence in your company’s stability.

The best plans can take years to develop, so it is important to begin planning now. Our in-house experts will work with you and your team of advisors to design a comprehensive plan that is tailored to best ensure a smooth transition of your business. Our team of advisors will work with you to:


Clarify Your Goals

  • When you want to leave
  • How much money you need from your business
  • Identify who will take over the business
  • Help determine what’s next for you


Build Your Plan

  • Evaluate potential successors
  • Consider strategies for carrying out and financing the succession plan


Manage Your Risks

  • Retain key employees by providing incentives
  • Review strategies to protect against losses stemming from the death or disability of a key employee
  • Review strategies to fund a buy-sell agreement in case you or a co-owner becomes disabled or dies


Value Your Business

  • Identify the right methods for determining the value of your company
  • Generate a formal appraisal of the current business value and outlook as the transition nears


Review Regularly, And Adjust Your Plan As Needed

  • Are there changes in your goals?
  • Has your family situation changed?
  • Are there changes in management or key employees?
  • Has the valuation changed?