Transition My Business

Five tips for a smart succession plan

Owners and co-owners of a business get to enjoy the unique satisfaction of being their own boss and creating opportunities for others. They also have the satisfaction of having some measure of input into who will carry on their legacy. Effective succession planning and wealth management can help secure your future.

Passing on the ownership of a business in a complex and multifaceted undertaking, often raising questions about what is family or business property, and putting personal relationships and promises in the spotlight. Fortunately, with proper guidance from an advisor, owners can design a fair and clear succession plan. Here are five tips to help make it happen:

The best first step is to ask yourself what your long-term plans are. Whether you see yourself moving on in a few years or dedicating a lifetime to your business, you will need a plan – but maybe not the same plan. A business advisor from Alerus can help you navigate the options available and help set up a plan that will serve you – and your successors – for years to come.