The topic of succession planning can be overwhelming.  Where do you start? What steps do you take? Rest assured that the process is not as daunting as it may seem. In reality, you can approach succession planning with one single hand.  Even with your phone or tablet in one hand, you have a hand left to assist you with planning.

Reach out, pull in information and ideas, and stretch to consider expectations:

  • Have you talked generally about succession planning with your family, friends, others involved in the same type of business, and lenders?
  • Have you assembled your professional team to help you – an attorney, a CPA, and investment advisor?
  • Have you chosen a family member who will lead the succession planning process?
  • Have you looked at the current financial condition of your business? Is it profitable today?  What if you add more people to the business?
  • Have you considered the living costs for family members involved with the business? Can the business support those costs?
  • What are the expectations and goals of each family member involved in the business?
  • Does everyone involved agree with the timeline for transfer of interests?
  • Have you considered whether the transfer of ownership and management will occur at the same time, or on different timelines?

Considering these points will help you take the first step in the path of succession planning.  Give us a call to assist you as to take that step! Email ( or call us (720-943-1095) today to set up an appointment.