Succession & Exit Planning

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What is Succession Planning & Exit Planning?

Succession Planning

Succession Planning entails transitioning the management of the company to the next generation of leaders.

Exit Planning

Exit Planning is primarily focused on the transfer of wealth of a business from owner to buyer.

Plan Your Future with a Succession Plan.

Succession Planning is focused on implementing a contingent strategy for leadership changes for a person or team who may eventually take-over management or ownership of the organization. Succession Planning is a critical value enhancement component in the Exit Planning process.

Succession Planning can be structured to reward longtime, loyal and capable employees and a means of ensuring that the business continues to run smoothly when staffing roles periodically change. Succession planning objectives are to cross-train staff, to help them to become well rounded and develop a thorough understanding about the organization and how business operates in general.

Succession planning often involves a great deal of mentoring, leadership development and training. It should be an ongoing commitment for any organization regardless of business stage. It starts with proper hiring practices and can create additional value during the transition process.

Since approximately 70 percent of a business owner’s wealth is trapped inside their illiquid business, Exit Planning should become a top priority.

Prepare for Life After Business with an Exit Plan.

An exit plan is a necessary tool that will assist the business owner in controlling and visualizing the process of transferring and monetizing their business while getting a better understanding for the financial aspects of the transaction.

Exit planning will almost always include a succession plan, but the primary focus is to fulfill the business owners’ personal, business and financial goals; and to execute a plan to ensure those goals are achieved. It starts from the perspective of the business owner’s priorities and incorporates other current and projected resources to identify specific strategies and steps that allow the business owner to reach those goals.

An exit planner’s role is to design and to quarterback this process during the execution with the accountants, lawyers, tax professionals, insurance advisors and wealth consultants. The earlier owners begin their planning process, the more likely they are to achieve their exit goals and preserve their legacy.