Domains of Expertise
Succession Planning
Succession planning prepares for a future change in business ownership or leadership. That change may involve a family member, co-owner, employee, or outside buyer, and the best path depends on the people and business involved.
Plan for the transition
A succession plan can clarify who may take over, when a transition could happen, how the business will be valued, and how the departing owner may be paid. It can also address leadership responsibilities, decision-making, and the needs of family members or other stakeholders.
How it fits financial planning
For owners, a transition can affect personal retirement income, estate plans, taxes, and family wealth. Coordinating a written plan with business documents, insurance funding where appropriate, and professional advice can reduce uncertainty. Plans should be revisited as the business and owners’ goals evolve.
This information is for general educational purposes and is not individualized financial, tax, or legal advice. Strategies and products may not be suitable for everyone.