A good succession plan is the best way to ensure your wishes are respected and the business continues to grow and prosper.

As a business owner and entrepreneur, you are ambitious, passionate and have a keen eye for opportunity. The right financial advisory team can help navigate the intricacies of your business and personal financial objectives so you can focus on growing your company.

At The Dunn Financial Group, we take a collaborative approach to managing, building and protecting your wealth. We bring the right partners to the table based on your needs and together we develop a customized plan. We can help you with private banking and trust services, investment management and wealth strategies. We also support you with some of life’s most significant decisions including succession, inheritance, strategic philanthropy and legacy planning.

 

 

 

Ownership of a business often represents years, if not decades of hard work and entrepreneurial drive. Still, even the most astute business owners may be unfamiliar with the complexities and meticulous preparation that must go into a succession strategy. Whether you’re contemplating a transfer of your business to family members, a management buyout, or selling to an outside party, you have decisions to make and complex issues to address.

 

Whereas some business owners put off succession planning because they don’t know what they want to do, about 29% of small-to-medium-sized business owners say they have no time to deal with planning for the succession of their business. Either way, a great solution is to engage a team of professionals to assist you in establishing a framework.

 

When developing and managing your transition strategy, collaborating with a team of experts helps ensure your success. Your team starts with your advisor. They oversee and coordinate the development and execution of your strategy, working with a team of internal and external experts. The planning framework may include both technical and human aspects. Technical aspects to consider are: business valuation, methods of transfer, tax and legal implications of each transition option, debt financing, readying the business for its sale and executing the sale if that’s your chosen path. Human aspects you may want to consider include: family harmony issues, successor development, and communication and governance strategies.