Succession Planning

Succession planning for your corporation or family enterprise considers the future of your business entity once you decide to retire or become less active in the business. Understandably, the thought of handing off the reins to someone once you retire, or pass away, can be intimidating. You have put blood, sweat and tears into your business. We’ll work with you and your other advisors to determine the best plan from the range of succession planning strategies.

White walls and a hole for a ball to roll past on a white background.

How do I transition my business to one of my children?

Consider the tax strategies and legal structures for business succession to your family.

Succession Planning Team

Optimize your succession plan

We provide guidance and expert succession planning strategies, including employee stock purchase plans or succession to your family. The process of succession planning isn't easy, but once you have a plan in place, you can feel confident that the future of your business is in good hands.

Frequently Asked Questions About Succession Management

I am considering business succession planning. What do I need to do?
As you begin a succession development plan, there are several questions you need to consider. Identifying the needs of your business and determining if there is someone you can train to take over are both fundamental questions in succession planning. Answering just these two questions can increase the value of your business at the time of sale. Additionally, it will increase the likelihood that your business will continue to succeed after your retirement or departure.
Am I able to buy shares in the company after retirement?
So, you want to retire, but maybe you're not ready to fully let go of the business just yet. Considering employee stock purchase plans (ESPPs) can allow you to receive compensation in the form of shares or stock options. It is essential to consider ESPP tax consequences associated with the stock purchase plan.
What are the benefits of a stock purchase plan?
Employee stock purchase plans may allow for the deferral of taxes. In certain corporations, you can defer tax until you have received the shares; in other corporations, the deferral may be until you have sold the shares. Creating a stock purchase plan may also be less burdensome on the current operating budget of your company. As a departing owner, you will be looked after, making recruiting easier and favorable for any potential banking needs during or after your succession. Before considering this succession planning solution, it is important to review your goals with a qualified Financial Planner or Advisor who can develop a holistic plan that will address the needs of you, your business, and any other individuals involved.
Who should I talk to about my succession planning for my family's business?
The future of your business is important, especially if it involves your family. It will help if you involve a Family Enterprise Advisor (FEA) who has the skills and training to understand the dynamics of your family, your business, and your ownership. Additionally, this Advisor can help walk you through the entire succession planning process and navigate the interests of all parties.
What happens to current shareholders once I retire?
When reviewing succession planning strategies, consider arranging for an element of compensation for the current shareholders upon your retirement or departure from the business. This is important as it will prevent the new owners from being placed in a difficult situation to come up with any retirement proceeds out of their operating budget.