Succession Planning

Succession planning is typically (but not necessarily always) associated with family-owned businesses. With family businesses the succession planning process involves consideration of the futures of the business, the family and the individual family members. BCC ADVISERS has the range of skill sets necessary to assist in the planning for these three critical areas.

The future of the business is predicated upon the development of appropriate leadership and transition funding to allow the business to function upon the departure of the managing generation.

The futures of the individuals are specific to each family member's personal set of goals, objectives, strengths and shortcomings in relation to the business succession objectives. BCC ADVISERS assists individual family members in the evaluation of their preparedness (in concert with their future goals and objectives) and helps to identify steps (if necessary) to address any areas that might inhibit the success of the transition plan.

The future of the family is dependent upon the ability to satisfy the needs of the business and the individual needs of the family members. It involves communication and feedback methods to assure harmonious functioning among family members. It also serves as an "early warning" system to deal with emerging family issues before they become overly divisive.

Key areas of concern in the succession planning process include:

• Identification of next generation leadership
• Life planning for departing generation
• Security issues for departing generation
• Identification of business gaps created by departing generation
• Valuation and deal structure of business transfer
• Funding strategy for business consistent with desires of both succeeding and departing generations
• Ownership transfer and new shareholder dynamics
• Impact on any family members totally uninvolved with the business
• Impact on "silent owner" family members

To learn how BCC ADVISERS can assist you with your succession planning needs, contact Steve Jacobs via e-mail or call 1-866-787-8019 x204.