Business Succession Planning
The stability and longevity of your family business depend largely on early – and ongoing – succession planning, a preemptive strategy for assigning key leadership roles within your company to someone so that it continues to operate and grow after you move on to new opportunities, retire or pass away.
A 2015 National Association of Corporate Directors study found that two-thirds of American public and private companies had no succession plan in place. But with more than seven out of ten family-owned businesses failing to survive the transition from founder to second generation, the development and implementation of a well-designed succession plan are critical not only for the future success of your professional business but also to avoid heavy taxes, family discord – or both.
But succession planning doesn’t have to feel terminal or macabre. It can simply serve as the roadmap for the transfer of your business to family members to begin retirement, the handing down of your business to select employees, or the positioning of your company for sale.
Set Goals Early
At Bedinghaus, we meet with you to discuss your goals, concerns, and issues such as the restructuring your business, your choice of entity, the potential tax consequences, and your retirement income projections. We realize that business succession planning can be emotional so our goal is to structure your succession plan in a way that best meets the needs of all parties involved.
With your personalized professional business succession plan, we’ll address a complex combination of personal and professional business challenges and goals such as:
- Planning for your family and business in the event of a tragedy
- Managing interpersonal family dynamics during asset and ownership transfer
- Readying your business for a successful transfer or sale to employees, heirs, or outside buyers
- Ensuring continued business growth
- Continuing your legacy in your community
- Allocating sufficient assets for your retirement
- Minimizing estate and capital gain taxes
- Retaining key employees
- Maintaining liquidity
Short Term & Long Term Benefits
And while succession planning is certainly focused on the future, there are some immediate benefits as it can help your business retain its high performers by giving an increased sense of ownership to your leaders and other employees. Additionally, succession planning can position your business to continue to serve your clients without disruption should leadership change unexpectedly – and encourage both employees and clients alike to more easily accept change should it prove necessary.
Start Planning Today
We’ve served individuals, privately held businesses, and their owners for more than 25 years in the preparation and execution of succession plan strategies. We work closely with our clients to facilitate communication and identify the most qualified candidates for leadership positions while providing invaluable, experienced insight that will address your personal and professional goals, eliminate anxiety and provide peace of mind.
We can’t predict the future, but we can help you plan for tomorrow – today. Contact us to begin creating the comprehensive succession plan that will ensure that your goals – both personal and professional – are executed to your specifications so that future generations can continue the legacy you’ve worked so hard to establish for many years to come.