Succession Planning

Succession planning focuses on issues specific to business owners and shareholders. At Whitesell Financial Group, we believe, morally and ethically, that a business should be prepared for the disability or death of its owner(s). If you, as an owner, become unable to operate your company, do you know what would happen? Would your family, co-owners, and/or employees know what to do? Would your business survive without a succession plan?

For most business owners, the business is their most significant asset, and the financial success of that business has an immediate impact on the economic security of their family. Without proper planning, you may have difficulty tapping the value of your business to support your retirement, or your family may lose the value of your business at your death. Succession planning is a key aspect of WFG’s business. Our aim is to help business owners identify possible risks and develop strategies to reduce or alleviate those risks.

Risk management is intended to manage financial and other losses potentially associated with risks to your assets, business, or health. Some examples of risk are personal and professional liability, business ownership, property loss, and catastrophic illness or disability. Your first line of defense is to identify your sources of risk and then to either avoid or minimize the major exposures. Your last line of defense is insurance.

Succession planning focuses on the transition of a business from an existing owner to a new owner. Although key factors vary extensively with business type and industry, there are some factors common to all business transitions, including the creation of a sellable business and the formulation of specific transition mechanics at time of sale. Additional succession planning issues include positioning a business for sale, determining valuation and terms, grooming senior management, and creating strategic alliances.