menu Business Succession Planning Business Succession Planning When entrepreneurs start a business, the last thing on their minds is succession planning. Most business owners spend a lot of time – as they should – on Operations Plans, Marketing Plans, Capital-spending Plans, Maintenance Planning, Staffing Plans…and more. But what about Succession Planning? Wouldn’t you like an orderly “exit” from the business, once it’s time for you to take a back seat? Why Business Succession Planning Is Important You’ve built your business through sweat, toil and tireless effort. For most entrepreneurs, their business operations represent a legacy that they’d like to leave to the next generation. And what would happen to the business in the event that you are suddenly incapacitated – is there someone reliable that can step into your shoes? Have you thought about the customers/clients that depend on the goods/services your company provides – who would service their needs if you are not around? More importantly, given that many loyal employees count on working for the business long after the owner has passed, it makes sense to ensure someone with the proper vision for the business succeeds you. Without a proper succession plan in place, family strife and internal (company) politics would threaten the future of the firm as a going concern. In some cases, companies without sound succession plans find themselves being pushed into bankruptcy or receivership. There are far reaching repercussions for not having a well-thought-out succession plan. Unfortunately, all of them are not too pleasant for the business, the business owner, his/her beneficiaries and the employees working for the company! What We Can Do For You Simply put, our Business Succession Planning service provides business owners peace of mind – the kind that comes from knowing you are well-prepared to relinquish control of the business on your own terms. And we do that by ensuring that the stewardship of the business passes into hands that are designated and approved by you – the business owner. But succession planning is not just about designating a particular individual or group to step in after you’re gone. Our Business Succession Planning team lays out a comprehensive process for identifying, screening, grooming, and ultimately transitioning ownership to your designated successor/s when the time comes. Here’s a preview of what our Business Succession Planning service covers: Strategizing succession: Helping you identify the ideal succession strategy based upon any number of “end game” objectives that you have in mind: Maximize sales proceeds. Minimize tax implications. Create a lasting legacy. Assure a comfortable retirement. Building succession plans: We’ll consult with you about possible succession strategies: Pass the business on to your next generation? Hand it over to designated/trusted employees? Have professional management teams from outside step in and take over? Sell the business to a competitor and pass the proceeds to your heirs? Go public, leaving it up to the Board of Directors to deal with the company’s future? Understanding the impacts: Together, our Succession Planning experts will walk you through all of the legal, financial and tax implications for each of the various succession scenarios proposed. This impact analysis will help you determine which of the succession approaches makes best sense for you and the business Identifying successors: Depending upon which strategy you choose, we’ll work with you to identify a list of skills and qualities needed in your successor. This phase of our Succession Planning often results in recommendations for training or mentorship well in advance of your exiting the company Multi-disciplined advice: In the event that the plan involves selling all or part of the business, our experts will work with a team of advisors, including Financial experts, Accountants, Insurance Agents, Realtors and Estate Planners to determine a fair and equitable valuation for the business Relationship-building: Finally, we’ll work with you to establish a comprehensive timeline for key milestones within the plan. And because our service is based on a long-term relationship, we’ll continually monitor and consult with you as your succession objectives evolve or change Want to Learn More? Give Us a Call or Message Us! Contact Us Office 2478 US Highway 27 N Sebring FL 33870 Contact Info P: 863-402-5650 F: 863-402-5651 TF: 866-373-7191 E: jrclark@waypointsfinancial.com E: scrutchfield@waypointsfinancial.com E: vdivietro@waypointsfinancial.com E: linda@waypointsfinancial.com E: kdennison@waypointsfinancial.com Get in Touch You must have JavaScript enabled to use this form. Your name This field is required. Your email address This field is required. Subject This field is required. Message This field is required. Financial Advisors do not provide specific tax/legal advice and this information should not be considered as such. You should always consult your tax/legal advisor regarding your own specific tax/legal situation. Separate from the financial plan and our role as a financial planner, we may recommend the purchase of specific investment or insurance products or account. These product recommendations are not part of the financial plan and you are under no obligation to follow them. 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