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Why You Need A Business Succession Plan

Business Succession Business Banking Solutions Private Wealth

Business succession planning — the process of thoughtfully planning ownership transition of a business — is still uncommon among businesses with fewer than 300 employees. In fact, fewer than half of small businesses have a formal plan that transitions ownership to a family member, employees, or another company.

First Business Bank’s business succession planning experts share their best tips and strategies for starting the business succession planning process, including:

Where to start and what to consider as you begin the process
General benefits and disadvantages of popular business succession options
Ranking your priorities to help make decisions
Options to stay involved in the business after transitioning ownership

Business succession planning should go hand-in-hand for most business owners with their personal finance planning to protect their loved ones should something unexpected happen.

Business Succession Options

podcast video Why You Need A Business Succession Plan

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Business succession planning — the process of thoughtfully planning ownership transition of a business — is still uncommon among businesses with fewer than 300 employees. In fact, fewer than half of small businesses report having a formal plan in place to transition ownership to a family member, a group of employees, or another company....

Featured Experts

Mark Meloy

Executive Vice President of First Business Financial Services, Inc.

Mark Meloy serves as Executive Vice President of First Business Financial Services, Inc., parent company of First Business Bank. He has enjoyed more than 40 years of commercial banking, joining First Business Bank in 2000 where he held various positions, including Chief Executive Officer, President, and Executive Vice President.

Brendan Freeman

President - Private Wealth of First Business Bank

Brendan Freeman, President of Private Wealth at First Business Bank, has over 25 years of experience in private wealth management and banking, including in previous leadership roles. He oversees private wealth management services in the South Central Wisconsin, Southeast Wisconsin, Northeast Wisconsin, and Kansas City markets.

Christine C. Walton, JD

Vice President II - Trust Advisor & Trust Counsel of First Business Bank

Christine serves First Business Bank's Private Wealth team as Vice President II - Trust Advisor & Trust Counsel, with 30 years of experience in Trust Administration, Estate Planning, and corporate law. She has worked in the corporate fiduciary environment, served as General Counsel, and run her own law practice. Christine is working in the Kansas City market to provide Trust, Estate, and Private Wealth management services to clients, with a strategic focus on holistically serving the needs of business owners and their families.