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Comprehensive and Coordinated, Part 1

A comprehensive succession plan is comprised of four separate, yet interrelated building blocks---Financial Security, Ownership Transition, Leadership Structure, and the Estate Plan. Due to their situation, it was very important to start with an analysis of John and Sara’s financial security. Logic dictates that until someone is reasonably comfortable with their financial situation, and the means of support for the rest of their lives, they won’t be willing to make the decisions and take the actions necessary for succession.

Design a Contingency Plan

Succession plans are usually designed to accomplish the client’s goal of transferring ownership and management responsibility to the successor during the owner’s lifetime. However, a sound succession plan must also provide a contingency plan in the event an owner’s premature death or disability forces a transfer before the intended successors are ready.

Transitioning Ownership: 3 Strategies, Part 2

Even though the ownership and management succession will not take place until the owner’s death, this is still a planned succession strategy. Therefore, the owner must decide who will acquire the ownership interest and how it will be transferred.

Transitioning Ownership: 3 Strategies, Part 1

The optimal succession plan usually combines a lifetime transfer of both ownership and management of the business to the owner’s successor(s) with a contingency plan that becomes effective if the owner prematurely dies or becomes disabled.