Succession Planning

Transition planning begins with analyzing the complexities of your business—including family and employee stakeholder interests, management succession needs, shareholder expectations and potential tax liabilities—to develop a complete picture of your current situation. Where you go next is up to you.

Charting a Course

The most critical undertaking as you begin this process is to identify and develop goals and objectives for your business, your family and you. This essential element defines, directs and motivates all other components as you move forward in developing the plan and setting it in motion.

This is a course that will become more refined as the future converts unknown factors into actual conditions. It is important that the plan has been established and developed as fully as possible, so that over time it can be implemented quickly and alternatives considered where appropriate.

Once your goals and objectives have been identified in as much detail as is practical, the next step is to examine your business and all of its characteristics, attributes and challenges. This phase identifies modifications that can be made to various aspects of the business (management, ownership, tax structure, governance, etc.) to more closely align with and meet your business objectives.

Developing Your Process

Devise a timeline for the transition process that will allow your successor to assume leadership gradually. Allow yourself plenty of time to prepare for departure, while making yourself available to lend professional advice to your successor.

How Freed Maxick Can Help

Our experience with owner-managed businesses—and our commitment to understanding and executing your objectives—make us an ideal advisor for your transition planning needs. We have utilized the strategies outlined above, as well as others, over the years, and continue to refine and update our knowledge and processes to fit individual client needs.

Our understanding of family and organizational dynamics helps enable a smooth planning process aimed at optimizing outcomes for stakeholders. This approach also facilitates continued business success and helps maintain strong family relationships. Our primary goal is to help family-owned and closely held businesses maximize their success across generations.