Business Growth & Transition

Succession Planning

Are you prepared for the future of your business? A solid succession plan can help reduce the challenges that come when a business owner is either ready to transition the business to new ownership or is unable to continue in their current role.

Every business transitions at some point, but succession planning isn’t as simple as it was when business owners could typically count on the next generation to take over the business. Although you might have previously thought succession plans revolved around retirement, succession plans are meant to prepare for long-term stability and vitality of a business. The goal is to ensure that the business continues to operate effectively and sustainably even after the current owner(s) step down or retire.

Did you know that preparation for the transfer of your business can easily take five or more years to execute properly? Starting early and identifying or choosing the right people are the keys to a smooth transition. By implementing a bulletproof succession plan built around your business and goals, you can protect client relationships, your business operations, and your company's future.

The Four Components of a Succession Plan

    • Vision, Mission & Goals   |   A succession plan needs to capture the current owners(s) vision, mission, and goals, which provides successors with a foundation they can build upon
    • Clear Expectations and Management Control   |   To decrease the potential for rivalry and disruption, compensation policies, management expectations, performance measures, job descriptions, and codes of conduct should be explicitly established, along with clearly defined roles: Who is entitled to join the business? How will non-participating family members be considered?
    • Financial Planning   |   Succession plans should incorporate a business valuation, and address how to finance the buyout, cash flow, distribute retirement funds, calculate estate taxes, and plan for the inheritance of corporate and non-corporate assets
    • Timing   |   Your succession plan needs a date of retirement or transition, a timetable for training new management, and an outline of the role, if any, the current owners and management  will continue to play

Our Succession Planning Services

Our professionals will help you navigate the transfer of your business interests to a new owner, whether the new ownership is from within your company or outside your company. We will help you create a plan and establish a framework for decision-making and management continuity, address legal and tax considerations, and develop contingency plans for unexpected events. We can bring objectivity to the process and help facilitate difficult conversations so that you can have peace of mind knowing that your business will continue to thrive following a change of ownership.

    • Business transfer strategies
    • Business valuation
    • Comprehensive succession planning
    • Insurance and risk management
    • Investment management
    • M&A advisory and investment banking
    • Multi-disciplinary teams made up of professionals experienced in financial, tax, and estate planning
    • Section 1031 like-kind exchanges and Delaware Statutory Trusts (DSTs)
    • Sell-side due diligence
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Expertise

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Our experience delivers proactive problem-solving for any challenge.

DJ Charley, CPA

DJ collaborates with his clients through financial and operational challenges – providing peace of mind on the path forward.

Scott Danger, CPA, CVA

Scott helps his clients gain a deeper understanding of their business and its value, enabling them to feel confidence in each step they take.