ASL supports optimal succession planning with high-level ideas, evaluating alternatives and assisting with family dynamics in carrying out the plan.
Many companies think of succession-planning too late to be of much real value – waiting until an immediate need or a crisis. By planning for succession, you can also:
- Increase the value of your company
- Enhance management performance
- Improve employee retention and strengthen employee commitment
Did you know that more than 70% of family-owned businesses do not survive the transition from founder to second generation? In most cases, the causes relate to tax obligations or family discord. We can address these issues, along with others, with a family business succession plan.
Succession planning anticipates the eventual need to replace key leaders in the company and focuses on grooming and training specific individuals to take on management roles at the appropriate time.
A succession plan includes:
- Demonstrated commitment to the future success of the business
- A well-conceived and timely transfer in the event of a crisis
- Independent, neutral party assessment to assist with enhanced communication between the generations
- Evaluation and recruitment of potential successors
- Help in determining an agreeable price for owner’s shares
- Life insurance or ESOP funding plans implemented well in advance of the need
- Contingency plans that anticipate various tax scenarios through “what if” planning and tax projections
- Clear career paths for employees to help recruit and develop future leaders
The ASL Family Wealth & Individual Tax Group is dedicated to providing owners, founders and key executives with succession planning and other services to help you protect and provide for those who depend on you.