Succession Planning for Your Business

Succession Planning for Your Business

Succession Planning

Did you know that up to $30 trillion dollars — much of which is business assets — will be transferred to those born between 1976 and 2000 over the next 15-20 years?1 If your business is among the nearly 90 percent of family-owned U.S. businesses2, succession planning isn’t as simple as turning your business over to the kids. History shows that the second generation only takes over 30% of family-run firms.3

Questions to Start Answering Today

Between now and when you leave your business, whether through retirement, sale, or leadership transition, you will want to have answers to the following questions:

  • Is passing on ownership to the second generation feasible or should you sell the business outside the family?
  • How will your retirement needs be met while assuring that the business will survive for its successors?
  • How can you best organize your estate to reduce estate taxes and avoid the necessity to sell the business at a bargain basement price just to pay the tax bill?

Our financial professionals can help you and other professionals find answers these questions.

1 “Retirement Planning: Serving Gen Y Now”, ThinkAdvisor.com.
2 American Fact Finder, U.S. Bureau of Census.
3 Family Business Facts, Conway Center for Family Business.


For other estate planning services (wills and trusts), contact an attorney who specializes in estate planning services.

Provided content is for overview and informational purposes only and is not intended as tax, legal, fiduciary, or investment advice.

< < Go Back