Schenck’s Guided Planning for Success team helps you navigate the business transition process
How well can you answer the following questions about your family or closely-held business?
- How well can your employees articulate your vision for your business? Do you have a formal vision, does everyone understand it and what are you doing to prepare future leaders?
- When will you begin the process of transitioning your business? In time, all businesses must transition—what are you doing to prepare? A successful transition can take five to ten years.
- What strategies do you have in place to ensure your goals for the transition will be achieved? An experienced advisor can provide guidance that helps you navigate difficult choices and maximize opportunities.
- How can you be confident that the next generation of leaders is ready to take over the business? Are they in roles that play to their strengths—and have they developed the skills to lead?
- Are you counting on your estate plan to guide your business transition? Transferring future wealth via a strong estate plan is important, but it’s also critical to transition your knowledge, wisdom and vision to the next
generation—these are not in a typical estate plan.
- How can you use the transition process to strengthen and support family relationships? Navigating the obstacles as a team will keep you connected.
Have your answers raised more questions? You’re not alone. 71% of family-owned businesses will experience a change in leadership in the next 10 years (and 100% will transition eventually!). Schenck’s Guided Planning for Success (GPS) team helps you navigate the financial elements of succession, and map out the steps to achieve your long-term goals for your business, your family and yourself.
Are your business and your family ready? Let our team help you chart the course.