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June 17, 2015

Protecting Your Legacy with Succession Planning - Questions to Ask

Your closely held business is likely your largest asset. In most cases, there are many stakeholders relying on the business and what it produces. With succession planning, the wrong decision, or even the right decision implemented the wrong way could be catastrophic. 

Long before you think about transition, you should be thinking about what the effects of the transition would be on the business. Some questions to ask are: 

  • How does the sale of the business coincide with your continued involvement with it?
  • What is the appropriate time frame?
  • Is the talent in the business today?
  • What is the business worth now or what can it be worth later?
  • What benefits could transition bring to the business?
  • How reliant is the business on you today?
  • Do you want the business to stay in the family?
  • How would continued family ownership affect other management and stakeholders? 

There are also many questions that you need to think about personally before a transaction: 

  • What am I considering this?
  • Gather Transaction Team - CPA, attorney, banker, other financial and insurance advisers.
  • What is my financial need?
  • Does transition solve problems or create them?
  • What will I do once the business is transferred?
  • What are some of my other personal and financial goals?

The answers to each of the questions above will greatly affect the process and steps that you will take in your succession planning. Make sure to consult with all of your advisers before you start making decisions that could impact your future and the future of your business. 

If you have questions and would like to connect with someone on this topic, please reach out to David Levi, Senior Managing Director, at 612.376.1208 or dlevi@cbiz.com


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