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Closely held or family businesses typically have a low percentage of survivorship for future generations. Why? Inadequate or ineffective succession planning is at the root of the problem. A closely held or family business that wants to survive past the current generation will benefit from having a strong succession plan in place. It tackles the tough issues such as leadership, ownership and the operational changes that businesses will face as they transition from one generation to the next.

When Should You Start?

Succession planning makes sense at anytime, but is particularly effective five to ten years prior to the planned retirement of the business leader. Without effective succession planning, the business may need to be sold or merged upon the decision of the business leader to retire. Oftentimes, this is not the intention of the business leader or the family, and can result in significant power struggles, family quarrels, damage to the business, damage to family relationships as well as a myriad of other problems.

What is the Process?

Succession planning is customized for each client. However, the following areas are addressed in every succession plan:

  • Contingencies for an untimely death or incapacitation of key family managers
  • Subordinate roles, responsibilities and career paths
  • Ownership percentages
  • The emotional issues involved in family succession

Our succession planning experts have worked with hundreds of family and closely held businesses. We have served as financial advisors in more than 100 transactions and have closed deals ranging from $1 million to over $75 million. Our team has extensive experience in all areas of corporate finance including investment banking, accounting and distressed company turnarounds. We are dedicated to maximizing your strategic opportunity to create value.

Download our complementary white paper: Successful Successions; Getting Ready for the Rest of Your Life.

For more information or to discuss your unique situation, please contact us today.

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