Succession Planning Services
If your business, like 80 to 90 percent of all American businesses, is family-owned and -operated, you may find it unsettling to discover that a majority of family-owned businesses are doomed to a life span averaging 24 years, with most being sold or liquidated after the founder’s death. To ensure that your business makes a smooth transition to the next generation, let the consultants at fk advisors help you prepare your business for long-term success.
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As we enter an era marking the retirement of an entire generation of baby boomers, adoption of a well-developed succession plan is even more vital. And while many people think of succession planning as having application only in family-owned companies or larger companies, it should be an integral part of every company’s strategic plan – the roadmap to the future of your company. |
A succession plan typically must achieve multiple objectives, including meeting your financial needs, maintaining family harmony, providing for your children or grandchildren, and ensuring your business’ future success. At fk advisors, we focus on preparing your business for the future and can help facilitate a successful transition of ownership that will position it for long-term growth under a new generation of leadership. We can help you:
- Establish a process that recruits employees, develops their skills and abilities, and prepares them for advancement, all while retaining them to ensure a return on the organization's training investment.
- Clarify the long-term goals and objectives of your company, identifying employee's current and future developmental needs and work force trends.
- Prepare employees and/or family members for new leadership roles, allowing current employees to step up when needed. We refer to this as talent management and recommend that every key person and position in your organization be a candidate for your succession plan.
- Utilize deferred compensation plans to provide funds to the owner after the business is transferred and to retain key employees.
- Navigate the maze of tax legislation that precludes paying tax, penalty, and interest on deferred compensation before it is received.
There are many approaches to achieving the end result; one cookie-cutter plan doesn’t fit all. Our team can also help you ensure that there are highly qualified people in every aspect of your business, not just today, but tomorrow, next year and five years from now. Our goal is to help your business with our succession planning expertise generation after generation.
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