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. After listening to this podcast, if you’d like to start talking about business succession planning, reach out to us at firstbusiness.bank to start the process.
- Mark Meloy, CEO, First Business Bank
- Brendan Freeman, President – Private Wealth, First Business Bank
- Christine Waldschmidt, JD, Vice President – Trust Advisor, First Business Bank
Business Succession Options