Family Business Transition Planning

It's never too soon to start your business succession planning.

The most successful transition strategies are planned over the lifetime of the business, with contingency planning for unusual circumstances.

Entrepreneurs like you are intensely focused and dedicated to starting and developing your businesses. That’s necessary for the success of your business. But, it may distract you from planning for the survival of your business after you step down.

Our Family Business Transition Planning service helps family business owners like you identify and achieve your business transition goals while preserving both the family and the business. That requires identifying and meeting the needs of family members and non-family employees, and promoting communication and objectivity among family members.

Defining a Successful Transition Plan

A well-designed family business succession plan :

  • Perpetuates an organization that fosters a strong family identity
  • Safeguards family goals, values and security
  • Preserves the current generation of owners' "sweat equity"
  • Allows family and business to be proactive during the transition
  • Passes control to the right combination of owners and managers
  • Enhances prospects for the family business' growth

 

How We Help You Plan

To develop a comprehensive and effective succession plan, we carefully examine every aspect of your business.  We learn about business operations, owner and family goals, key individuals, and potential successors. The result is a multi-faceted plan that :

  • Clarifies family and business values
  • Examines key financial, operational, and administrative functions
  • Clarifies criteria for selecting the right successor
  • Identifies strengths, weaknesses, and leadership capabilities of potential successors
  • Introduces programs to develop and train future leaders
  • Assesses the need to bring in outside talent
  • Formulates approaches to satisfy financial needs of incoming and outgoing ownership and key management, including owner's potential retirement income
  • Aligns estate planning, including buy-sell provisions, with the transition plan

We will guide you through the transition planning process to create a plan that is strategic, comprehensive, feasible and most importantly, managed.

Contact us to learn how we can provide solutions for your family business.

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