Succession Planning Services
ASL provides high-level succession planning with ideas, alternatives and assistance with family dynamics and carrying out the plan.
Many companies start the succession-planning process too late to be of real value. They wait until there is an immediate need or a crisis.
By planning for succession, you:
- Increase the value of your company.
- Improve management performance.
- Improve employee retention and increase employee commitment.
More than 70 percent of family-owned businesses do not survive the transition from founder to second generation. In most cases, the causes are related to taxes or family discord; these issues are addressed, along with others, with a family business succession plan.
Succession planning anticipates the eventual need to replace the key leader(s) in the company and focuses on grooming and training specific individuals to take on management roles at the appropriate time.
A succession plan includes:
- A well-thought-out and timely transfer in the event of a crisis.
- Demonstrated commitment to the future success of the business.
- An independent, third party assessment from a neutral party to assist in improved communication between the generations.
- The evaluation and recruitment of potential successors.
- Help in determining an agreeable price for partners’ shares.
- Life insurance or ESOP implemented well in advance of the need.
- Contingency plans that anticipate various tax scenarios through “what if” planning and tax projections.
- Clear career paths for employees to help you recruit and develop future leaders.
The ASL Family Wealth Planning Group is a team of professionals dedicated to providing owners, founders, and executives with succession planning and other services to help you protect and provide for those that depend on you.