Whiting Business Succession Planning Services

Whiting Business Succession Planning Services

Owning a business may be stressful, time-consuming, and demanding, but it’s also incredibly rewarding. However, as you approach retirement age, making a plan for your business will become more and more important. Indeed, you are surely interested in retiring at some point, and may even be interested in removing your name from the business altogether. At Harvest Financial Planning, LLC, our Whiting business succession planning services are designed to provide you with peace of mind and clarity. Reach out to our team today to learn more about how we can serve you.

What Is Succession Planning?

Succession planning is the process of developing a strategy to pass on leadership roles within a company, including the ownership of the company, to a new party or group of parties. It is often called replacement planning, as it involves the owner of the business leaving. The purpose of succession planning is to ensure that that business continues to run smoothly, even after the business’s most important people have retired from its operations. 

Note that succession planning can differ from exit planning. Choosing a successor may be one exit plan, but exit planning can also have the option of dissolving the business on the table, too. Succession planning, on the other hand, is predicated on the idea that the business will continue. 

Elements of Successful Succession Planning

Successful succession planning is demanding and requires having a refined strategy in place for identifying a company’s future leaders, as well as how to pass the baton to those leaders. At Harvest Financial Planning, LLC, we believe that there are a few key ingredients to a successful succession plan, including:

  • Being proactive. Waiting until the last minute to make a decision about succession planning is usually a mistake; acting with haste is rarely wise. We strongly recommend being proactive and starting to think about succession planning sooner rather than later. 
  • Try it out first. Do you have successors in mind? If so, it’s time to start training them. Better yet, consider doing a trial run of your succession plan before you actually leave the business. This way, you’ll be more confident in your choice, and can tweak the plan and make changes before it’s too late.
  • Work with a professional. As you plan for who will take over your company, there are likely to be hurdles, complications, and questions along the way. By partnering with a professional who knows your business inside and out, and who has experience managing succession planning for businesses like yours, you’ll have someone on your side who can provide you with intelligent, sound advice.

Guiding You Through Your Options and All of the Details

At Harvest Financial Planning, LLC, our team is here to guide you through all of your options and all of the details. We have experience working with companies like yours and are skilled succession planners. We can also guide you through other exit planning strategies if appropriate.

Choosing our Whiting business succession planning services can offer confidence as you navigate the business succession planning process. Learn more about our services by connecting with us today. 

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

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