Business Transition Advisors
Planning an effective succession with certified experts
The process of planning a successful business transition
When it comes to developing a succession plan for your business, there is no “one size fits all.” We work closely with you to create a plan that will ensure your years of hard work will be transitioned effectively to maximize the return for the future.
By planning for succession, you retain control over the outcome. Our team of professional business transition advisors — Certified Exit Planning Advisors, Certified Public Accountants, Certified Valuation Analysts, Certified Financial Planners™ and Certified Mergers & Acquisitions Advisors — are here to work with you.
Step One
Assessment
First, assess the business by performing a business valuation and exit readiness assessment.
- Valuation: Determines a reasonable valuation of the company to use as a guideline.
- Attractive vs. Readiness: Addresses things that will come up in the due diligence or growth process, that may not be apparent to the internal observer.
Then, set personal, financial and business action steps to improve value and readiness.
Planning increases value
This process raises issues of inevitable life changes, of mortality, and of changes in key personal relationships. Should the worst happen, the value of your business often decreases without an effective succession plan. This means your beneficiaries will not receive the full value of the business.
Step Two
Preparation
There are three considerations as you plan to transition:
- Personal and Financial Planning: What am I going to do after the sale and do I have enough to do it?
- Business Improvements: What makes the company more valuable and am I willing to do it?
- Transition Options: Address all of the options available and determine the best fit for your situation.
Considerations for Transition
Do you plan to continue your involvement in the business, reduce your hours or exit completely? Will you transfer your business to a family member or market it to outside buyers? Once you have sold your business, what source of income will you use in the future to support yourself and your family? Creating a financial plan to prepare for the transition out of business ownership will be an important consideration. Our professionals are here to guide you through wealth management, financial planning and estate planning services during and after a transition.
Step Three
Decision
It’s time to decide whether to grow or exit.
- Grow: If you choose to risk reward and grow, consider investing in value enhancements.
- Exit: If you chose to sell or transition, explore your options and initiate your transition plan.
Marketing your business
The business-for-sale marketplace is unregulated and often disorganized. There is no multiple listing service, no centralized, structured source that participants in the marketplace can rely on. To further complicate the task, the process relies upon confidentiality — selling the business without telling anyone it’s for sale. Because of these factors, there is no “cookie cutter” approach that works for every business, and so each owner must begin with a marketing plan that is unique to their specific needs. Our professionals will help you create a marketing plan that determines what makes your business attractive to buyers, who are the likely buyers and how to find those potential buyers and motivate them to purchase.
Transferring your business to a family member
If you are considering transferring your business to a family member, there are a variety of strategies you may use such as establishing lifetime gifts or transferring the business through your estate plan.
Meet Our Professionals
Partner
Carl Pinkard, CFP®, CEPA®
Aldrich Wealth LP
Since 2002, Carl has specialized in working with high-net-worth families and business owners, providing financial planning and consulting services. As a Certified Exit Planning Advisor (CEPA), he spends time with our clients as they prepare their businesses for a transition and helps them plan for the impact that will have on their personal financial goals…. Read more Carl Pinkard, CFP®, CEPA®
Carl's Specialization
- Business owners
- High-net worth families and individuals
- Certified Financial Planner™
- Certified Exit Planning Advisor (CEPA®)
- Medical practitioners
- Financial planning and consulting services
