Prepare for Retirement and Succession with Financial Management Support

Financial Planning and Succession Planning

As the owner of a business, retirement planning goes far beyond your personal financial management and decisions. Choosing a successor, planning the transition, and preparing for the financial and legal implications of your retirement takes a huge amount of work – so much so that our financial management experts recommend that you begin thinking about succession planning as early as 15 years before you hope to retire.

To give yourself and your company the best odds at an effective transition, our financial planning advisors recommend:

Starting Your Search Soon

Unlike the typical hiring or promotion process, succession planning is not something that can be done well in a matter of weeks or even months. Most experts recommend starting 10-15 years before your anticipated retirement. Whether you’re looking to a son or daughter to take over the family business, promoting a reliable manager who has been with the company for years, or looking for a strong outside perspective, time is needed to ensure you’ve found the right person.

Consulting with Trusted Experts

When finding a successor and preparing for the transition, it’s important to make sure you leverage the experience and advice of trusted experts. Consult with internal stakeholders who are intimately familiar with the company. Discuss options with legal teams and financial planning advisors who understand your industry and business setup.

Transferring management or ownership of a company is a complex process – give yourself the best chance of success by working with the right team for support.

Planning for a Smooth Transition

Once you have your successor chosen and know what paths you’re pursuing for legal and financial management of the transition, there are still details to work out. Mentorship is key. As the business owner, no one is more qualified to speak to the company’s vision and future. Communicate clearly with internal and external stakeholders so that everyone’s expectations are correctly set. And don’t forget your own retirement! You’ve earned it.

If you’re wondering about your company’s options for succession, transition, and financial management throughout these processes, talk to our independent financial advisors. Our wide range of expertise gives you comprehensive support for your succession planning. Connect with us to get started!