Succession planning is a linchpin of any profitable, enduring business and is of critical importance to its continued success. Succession planning becomes more complex when a closely-held business or family business is involved because it raises emotions tied to planning for the succession of the business. As a result, business owners tend to focus their energy on operating and building their business, and put off the important step of planning for the future.
A successful business succession plan will facilitate a smooth transition of the business from one generation to the next, with minimal disruption to the day-to-day operations. Current owners will phase out of the company as both managers and owners in a manner so as to enable them to maintain a degree of control as the company changes hands (e.g., the succession plan may entail an extended buy-out period or even a sweat equity component). Early and ongoing planning, with our assistance, helps to ensure the longevity of the business as well as the harmony of each owner’s and their family’s unique needs.
