February 19th, 2021

​𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗦𝘂𝗰𝗰𝗲𝘀𝘀𝗶𝗼𝗻 𝗣𝗹𝗮𝗻𝗻𝗶𝗻𝗴 𝗣𝗿𝗼𝗰𝗲𝘀𝘀

We provide support and life-cycle management of the business succession planning process including the following components:
Components of the Business Succession Planning Process
Establish owner goals and objective: Owner retirement, family member, stakeholders (partners, shareholders, employees), address death, disability and illness;
Inclusion of Family members in decision process: Communication, process for addressing family changes and disputes, detail family to business relationship;
Identify successor(s): potential, train, transition of responsibility in ownership and management;
Estate Planning: Tax planning, retirement income, family member provisions, active and non-active family members, financial considerations
Contingency planning; Address the “what-if” scenarios and the occurrence of possible unplanned situations;
Organizational structure, transfer methods: Review and update organizational and structural business plan, identify roles and responsibilities, key positions, financial team (legal, accounting, finance)
Sale, Business valuation: maximize value, tax benefits, recommendation and preparation and of buy-sell agreements, sale to a third party;
Exit strategy: transfer method, timelines, distribution to succession plan participants, integration of exit strategy with wealth preservation and asset protection planning, estate planning, tax planning and retirement planning activities;
Implementation, reviews, update, revise as required;
The process of business succession planning is an iterative process rather that a one-time event. Private, owner-managed, closely held and family-owned businesses’ models, income and assets are fluid and are continually changing. We believe that our disciplined approach to business succession planning increase the prospect of the business becoming multigenerational, enduring ownership and leadership transitions and deliver lasting value to the owner, family members, key stakeholders and to the employees and clients the business serves.