Securing Your Future 

 

 

 

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Succession Strategies

Benefits of Succession Planning:


                Liquidity:              In our experience, for many owners 80% of their net worth is tied up in the equity of their business or professional practice.  A succession plan is needed to convert that equity into cash (sale to a third party, transfer to key employee or family member, liquidation).  Note that the plan could take 3 - 7 years to implement (this is a process, not an event).

                Value:                   Studies have shown that owners with a succession plan ultimately get more value for their business or professional practice than do owners who don't plan.

                Legacy:                 Planned or unplanned, some day you will no longer control the business or practice.  What will it look like and how will it operate after you are no longer there.  A succession plan will greatly increase the likelihood that your business or practice will continue well into the next generation.

                What's Next:     Is there something you always wanted to do?  Is there something you would like to do before it's too late?  A succession plan will enable you to do it.

                Growth:               If your goals and time frame include a transfer to key employees or younger family members, involving a key employee or family member now as part of a succession plan can fuel the growth of the business through the introduction of fresh ideas and new energy.

                Employee Retention:    In our experience, key employees develop feelings of insecurity when there is no succession plan - resulting in their departure to another employer where there is a perception of greater security.