About Our Planning Process

Legacy by Design’s Comprehensive Succession Solution™
is researched and crafted through a well-defined six step process.
  

Family Meeting:

Family meetings are designed to help the family recognize and then define common succession objectives relative to the operation, the family and the owner. We explain the principles of good planning, and agree on a timeline for completion.  The initial meeting may include:

• A review of succession planning principles, methods and techniques.
• Input from all active family members. 
• A discussion of specific succession goals and intentions.
  

About You, Your Family and the Operation:

In this step, we collect emotional/factual information and examine your current familial, operational and financial situation. The quality and quantity of the information we receive will directly affect our recommendations. In Discovery we will:

• Confirm and review the family’s succession objectives.
• Collect additional qualitative and quantitative information.
• Clarify outstanding inconsistencies.
• Meet with all active family members and other professional advisors.
• Evaluate current business structures, financial information, accounting history and estate planning documents.
• Maintain strict confidentiality within each family unit.
  
  

Preliminary Plan:

In the Preliminary Plan we’ll assess the current situation relative to your goals and objectives.  In this phase we detail our findings and recommend specific areas that need to be addressed to meet the family’s succession planning goals. The Preliminary Plan will include:

• A cash flow/financial analysis for each active family member.
• Preliminary recommendations related to Ownership Transition, Financial Security, Leadership Development and Estate Tax Provisions.
• A summary of our findings and recommendations.  
   

Final Plan Design:

A final plan is drafted based on the results of the Preliminary Plan, suggestions of the family, continuing research and counsel of each respective planning team member. Each plan may incorporate: 

• Recommendations for Ownership Transition, Financial Security, Leadership Development and Estate Tax Provisions.
• Supporting rationale and explanatory information for various recommendations.
• An Implementation schedule with actionable steps to achieve the family’s succession goals.  
   

Implementation:

Implementation is the process of writing the legal documents, creating the financial instruments, adopting the accounting practices and learning. The implementation process may include:

• Assigning legal, accounting, financial and leadership recommendations to each respective professional.
• Working with your multidisciplinary team of advisors to ensure compliance with the plan recommendations.
• Assisting the advisory team to ensure timely implementation.
  

Annual Review:

A succession plan must remain fluid to ensure successful results. It must adapt to the changing legislative landscape, business environment, societal structures and familial relationships. It must be applicable to a growing operation and provide for opportunities. Annual reviews will include:

• Reviews related to succession planning principles, methods and techniques.
• Active monitoring of related components of the Comprehensive Succession Solution™.  
• Renewal of specific family succession objectives, progress and corrective recommendations 
• Responding to questions/concerns related to the succession planning process, case specific questions, and other matters relative to plan recommendations

Twelve months after implementation is an ideal time to evaluate progress and update your succession objectives. We’ll schedule time for active family members, your Legacy Certified Advisor and other advisors to evaluate past progress and make adjustments/modifications for the coming year.