Business
Business succession
You built something that pays wages and feeds families. A succession plan keeps it steady through a retirement, an illness or a death.
In plain words
Decide who runs the business, who owns it, and how its value passes on, so the people you love aren't left guessing.
If you own a business, your plan has two jobs: care for your family, and keep the business steady. These can pull in different directions, especially when one child works in the business and another does not.
Succession planning answers a few practical questions. Who will run it? Who will own it? How will an owner who leaves, or their family, be paid? What happens on Monday morning if you are suddenly unable to work?
We work alongside your accountant and financial adviser. We don't sell insurance or investments, so our only job is a plan that fits your family and your business.
Is this for you?
It may be a good fit if any of these sound familiar.
- You own a family business, a practice or a shop
- You have business partners and no buy-sell agreement
- One child works in the business and another does not
- You plan to retire in the next five to ten years
- Your accountant has asked what happens if something happens to you
What's included
Everything we do for you, written down
- A review of your operating or shareholder agreement
- A buy-sell agreement, or an update to the one you have
- Business interests placed in your trust where it makes sense
- A power of attorney that covers business decisions
- A short continuity memo for family and key staff
- A joint meeting with your accountant
Four questions
What every owner should be able to answer
If you can answer these in a sentence each, you are further along than most. If not, that is what we help with.
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1. Who runs it?
Day to day, and in an emergency. These may be different people.
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2. Who owns it?
Owning and running are not the same. A child can own a share without working there.
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3. How is a leaving owner paid?
From the business, from insurance or over time. The agreement should say how.
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4. Is it fair, or equal?
Fair and equal can differ between children. Deciding now prevents hard feelings later.
How it works
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Step 1: Understand the business
We learn how it runs, who it depends on, and what you want for it.
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Step 2: Meet the advisers
One meeting with your accountant, and your adviser if you have one, so the plan fits the numbers.
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Step 3: Put it in writing
Agreements, trust provisions and a plain memo your family can actually use.
What it costs
Quoted after a free review
Usually from $2,500 on top of a Trust or Legacy Plan, depending on the number of owners and agreements involved.
A flat fee, agreed in writing at the end of your free first meeting. It only changes if you ask us to add something.
Should I leave the business to the child who works in it?
Sometimes. Other families give the business to one child and other assets or insurance to the rest. We help you think about fairness and how each child will feel, not just the paperwork.
We're a small shop. Is this overkill?
Not usually. Smaller businesses often depend most on one person. The plan can be simple, but it should exist.
Do you handle the sale of a business?
We plan for a future sale and coordinate with the lawyers and brokers who handle transactions. We focus on the estate and family side.
How can we help?
The first consultation is free and takes about an hour, at our office, in your home or by video. You will leave knowing what you need and what it costs.
Book a free consultation