May 07, 2019
This is the first blog in a three-part series that focuses on transitioning your business.
If you have a strong desire to keep your business within your family, as many business owners do, the following considerations can help you prepare for a successful transition.
Determine whether you are personally and financially ready to transition the business to the next generation:
TAKEAWAY: Giving up ownership and control of your business is both a financial and an emotional decision.
Determine whether the next generation is ready to sustain and grow the business when you’re not at the helm:
TAKEAWAY: The next generation must be willing/able to take over the business before they assume control.
Find a way to maintain family harmony while determining the best succession plan for your business by considering:
TAKEAWAY: Involving your family members in the decision-making process may be critical for the long-term success of the business.
Determine the value of your business and how to structure the transfer to the next generation most efficiently.
TAKEAWAY: There’s no single “right” way to transition a business to the next generation. Consider all options and engage trusted advisors to determine the best approach.
While it is a major, life-changing event, if done well, passing on a business has the potential to allow you to realize your business, family legacy and philanthropic goals after years of hard work. To learn more, read our full white paper, The Privately Held Business.
Theresa Marx is a senior wealth strategist for CIBC Private Wealth Management in Chicago, with 15 years of industry experience. In this role, she is responsible for developing integrated wealth management solutions and providing comprehensive estate and financial planning services to high net worth clients.
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