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Who Benefits from a Succession Plan?
Kevin Spafford, CFP®
It’s hard to pinpoint the primary beneficiary of a well-implemented succession plan.
But it’s easy to see that a successful business with a long term perspective, adequate financial resources, and a growing bench of capable leaders, is far more attractive than a business that may have to be liquidated at the death or retirement of the current owner[s]. Beyond that:
- The owner’s family will realize immediate results through increased security and improved profits.
- Loyal employees and their families will appreciate knowing there is a plan in place to continue operations beyond the current generation.
- Customers, third party vendors, suppliers, and other complementary businesses will appreciate the knowledge that the business is designed to grow and develop into the future.
- The business operation is better prepared to weather the storms and realize the opportunities of a tumultuous economy.
A comprehensive succession plan includes designs pertaining to a sustainable business model, leadership development, financial security/capital management, ownership transition, and an estate tax strategy. All of these elements combine to create a business that will endure beyond the current generation.
To get the ball rolling, give some thought to these issues and jot down your ideas about how to proceed with your initial meeting. (eLegacyConnect tool available for public access - with no login required - through January 14, 2016.)
Thumbnail photo courtesy of McGarva Ranch Range Division.
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Have questions specific to your family? We’re always happy to schedule a complimentary phone consultation to discuss your family’s succession objectives, review potential next steps, and determine how we can help.
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