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Comprehensive and Coordinated, Part 2

With the right combination of tools and techniques, John and Sara now have a secure retirement. They’ve sold the operation to the next generation, secured the land as a family legacy for their descendants, and substantially reduced their exposure to the estate tax. Succession planning and wealth management, they learned, are not just about money. The process is about helping people make good decisions and planning for the future.

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.

What If...?

What if succession planning didn’t get mired in emotion and tangled in a web of dissension? Experience shows families hesitate to engage in the succession process due to a ‘powder keg’ of explosive issues.

If Your Succession Matters; Hire a Professional

Planning for succession is a serious business. The endeavor may require the assistance of legal, financial, and accounting professionals. Some cases may call for the oversight of a family business consultant or even a family psychologist. Your goals, the family’s circumstances, and business matters will dictate the type of professionals who should be involved in your planning process.