In developing a cohesive, long-term financial plan for their families, many business owners neglect to invest the same amount of energy into their business succession plan. Our financial advisors can help you look at all the crucial components required for business succession planning.

Building the Right Succession Plan Requires a Financial Advisor

When it comes to retirement or unexpected loss, having a business succession plan in place is the surest way to account for all of the needs of your business as well as the needs of your family.

Why business owners invest in small business succession planning

  • Establish a formal development program for potential successors.
  • Evaluate the state of your corporation’s finances and its business structure.
  • Establish, understand, and weigh your options, including resolving debts, protecting your assets, and establishing future financing paths.
  • Develop a more thorough understanding landscape of your industry, business, and competitors.
  • Establish a compensation structure for successors and other executives
  • Create and implement shareholder agreements.
  • Establish a contingency plan should unforeseen circumstances interfere with the performance or availability of leadership.

Components of family business succession planning to consider

Even the simplest succession scenarios become quickly complicated when family and business concerns commingle. By working with a financial planner, you can ensure the goals of your business — income protection, profit generation, leveraging of market opportunities, rewarding high performance, and develop organizational goals— don’t negatively interfere or impact your family’s financial security.

Crucial components of business succession planning  

Looking for a business succession planning template? Depending on your financial situation and goals, there are a number of different agreements and documents to prepare as part of your business succession plan.

Business succession planning documents you may need:

  • Shareholder agreement
  • Disability planning
  • Compensation planning
  • Stock transfer technique
  • Business strategy assessment
  • Management talent assessment
  • Corporate structuring
  • Current business valuation
  • Retirement planning

Considering these aspects of your business with a financial advisor will help you conceive and implement a broad business succession plan that addresses the critical needs of your business while protecting the security of your legacy.

Start Business Succession Planning with Alpha Omega Wealth

Business succession planning impacts everyone who has an interest in your business. From your business partners to your life partner, make sure your business succession plan accounts for them all by working with Alpha Omega Wealth.