Business Succession Planning

The continued success of your business depends on protecting the value you’ve created and reducing risk. As a business owner, one of the challenges you face is balancing the short-term needs of the business while continuing to monitor and update long-term plans.

One way to position your company for longevity is through succession planning. At Sikich, we consider business succession planning to be an ongoing process that requires your attention regardless of your age. It's important to plan for unexpected events for you and any stakeholders, and the impact of those events on the value of the business and the ones you love. 

We have qualified professionals to assist you in developing a business succession plan, then reviewing and updating your plan annually as your business and personal life will change. We often remind business owners there are unexpected events in life that may necessitate having a succession plan in place at all times. That is why we take a multi-step approach to business succession planning.

Sikich's four-phase approach to business succession planning:

Phases of Business Succession

Phase 1: AssessmentRequest business assessment for business succession planning

The first phase of our process starts with an assessment of your succession planning goals. In this initial step, we will develop recommendations by reviewing relevant industry information, financial performance and legal agreements that are important to the succession strategy. Each owner will be asked to complete a workbook. Finally, a Sikich lead advisor will conduct a thorough interview of each business owner using workbook responses.

Phase 2: Recommendations

At the conclusion of the assessment, a Sikich lead advisor will deliver the findings and recommendations.

Phase 3: Implementation

A Sikich lead advisor will work with you to assemble an appropriate team to assist with implementing the recommendations you select.

Phase 4: Annual Checkup

A Sikich lead advisor will offer an annual checkup to review the plan and determine if changes are needed, based on changes in business, personnel or other factors.

The Sikich Team

A team of qualified professionals can help you fully address your business’ succession planning needs. Business succession planning can be complex; thus, it is critical to identify the appropriate team to assist in achieving your objectives. The team of professionals may include financial professionals, industry advisors and legal professionals.

Business Succession Team

Financial advisory professionals may include the following:

  • Income tax and estate tax planning
  • Financial planning and wealth management
  • Business valuation
  • Insurance planning
  • Commercial lending
  • Investment banking
  • Retirement planning

Industry advisors may include the following:

  • Family business advisor
  • Human resources advisor and compensation consultant
  • Technology advisor
  • Supply chain consultant

Legal professionals may include the following*:

  • Business and M&A attorney
  • Estate planning attorney

While it is unlikely you will need all of these professionals, the Sikich lead advisor will assemble a team to meet your objectives. Sikich’s professionals have the knowledge and experience to meet your business succession planning needs.

Advisory services offered through Sikich Financial, a Registered Investment Advisor. General securities offered through Triad Advisors, Member FINRA/SIPC. Sikich Financial and Triad Advisors are not affiliated.

Securities are offered through Sikich Corporate Finance LLC, a registered broker dealer with the Securities and Exchange Commissions and a member of FINRA/SIPC.

* Legal services are not a Sikich offering. We will access legal services through our referral network.

 

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