Succession Planning

Succession Planning is critical to businesses continuation when ownership or a management team is being replaced. The baby boom generation is retiring, and their business interests are transitioning to a new generation. Successful business transition requires a great deal of thought and planning.

Frank Carroll Financial is a third generation family business, and we have first hand experience in successful transition. We would be pleased to assist you and your organization in developing a comprehensive succession plan for your business.

Four Key Steps

The process of succession planning covers four keys steps:

Analysis of the Current Situation

• Consideration of personal and corporate assets
• Review of management, shareholder and family agreements
• Planning for adequate insurance coverages
• Review of benefits and pension opportunities for employees and owners
• Estate planning

Review of Ownership Structure

• Assess current ownership structure
• Review employee compensation models
• Strategies to mitigate the impact of personal and corporate taxation

A Plan for Transition

• Determination of personal and corporate objectives
• Considerations for a family transition or third-party sale
• Development of exit strategies
• Implementation of a timeline to complete the transition

Wealth Management

• Plan to minimize taxes, fees and expenses
• Estate plan re-organization

When and Where to Begin

While the length of time it will take to create a transitional plan varies with each business, beginning the process early ensures that the transition will happen as effectively as possible. We recommend beginning the process at least five years ahead of your planned transition date. There are opportunities to avoid unnecessary taxes, fees and delays when planning in advance, allowing you to maximize the financial benefits to prepare for your retirement.