Business Succession Planning
Prepare for what’s next.
Few things are as satisfying as building up an organization.
Whether the original idea was yours or you took over an existing enterprise, it was your leadership and foresight that assembled the infrastructure, brought together the team, ensured that the customers were satisfied and weathered a few storms, all while keeping things going – and growing. You have reveled in the journey, but you know it will come to an end at some point. You want that ending to come on your terms and in a way that, as much as possible, preserves all that you were proud to build.
Key Considerations
Procrastination.
People tend to be a lot fonder of beginnings than of endings. Many organizational leaders – whether of business enterprises, not-for-profits or professional practices have a hard time imagining their organizations without them. So they don’t think about what’s next – either for them or for the organization. This seriously limits the possibilities when changing circumstances or priorities make it time to move on.
Vagueness.
Even if you recognize that you will someday want to take on new challenges – or even retire – it is very tempting to overlook the details. Who would take over your role? What needs to be in place to entice a potential successor? How do you maximize your ability to realize the value you have put into the organization?
Inflexibility.
Circumstances are always changing, and nowhere is this more evident – and potentially risky – than in business succession planning. The junior partner or employee you thought would be the perfect successor might have different priorities – or might not ultimately be up to the job. Economic shifts beyond your control could require you to reconfigure parts of the organization or its finances. External buyers might not share your vision and priority. A solid succession plan has to simultaneously hope for what can right while installing guardrails against things that can go wrong.
Expertise
Because we roll up our sleeves and work side-by-side with our clients to ensure sustainable growth and financial stability, the team at Singer & Falk is well-positioned to help with succession planning.
We start by working with you to understand your goals – for yourself, the organization, the team and your customers. We then build a flexible strategic timeline and plan that takes all of this into account, insulates against risks and leaves room to take advantage of opportunities. recognize the needs of businesses in the staffing and recruiting industries. In our collaboration, we’ll look at capital and infrastructure requirements, potential tax-efficient strategies, ways to integrate your business succession plan with your estate plan and many other factors. We will ensure that you have the right team in place to support your exit strategy: attorneys, risk management and insurance professionals, staffing and recruiting specialists, valuation experts and business matchmakers and brokers. And of course, we stand ready when the plan needs to change to accommodate changing circumstances.
Contact us when you’re ready to take a clear-eyed look at your future.
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