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What is Succession?
Succession planning goes beyond transferring assets from one party to another. It involves transferring established leadership and the management of operations, decision making, and administration of the business to the designated leaders of its future. Defining the process for these transitions ensures people involved in the business are comfortable with changes occurring within the business.
Succession planning is integrated into everyday management and occurs well before a major change is initiated. This planning is a process that, once enacted, can take time to complete. The more prepared for the change the business is, the more likely the outcome is successful.
Succession planning protects, builds, and sustains value for all those associated with business enterprise:
-Well-designed plans, from strategic planning, become an internal marketing tool. By involving key managers, you strengthen management synergy and teamwork, ensure leadership continuity, and boost business performance. These three outcomes build value and make you more attractive to “successors”
- The government believes it is entitled to a percentage of your estate. Use estate planning to drive percentage as low as possible. Even if no heirs, estate will likely have beneficiaries, charitable or otherwise.
- Understand value you have created and maximize your legacy endowment. A good succession plan is bi-focal: family and business. It’s more than wills and trust.
Such planning can free your time for pursuits and activities, rather than worry over dreaded disposition decision!