What is business succession planning?

The idea of exiting your business can be overwhelming and emotional. That's why it's important to take control of your succession plan and exit with intention and purpose. Make a plan with specialists who know your options.

CEO naming successor in a business meeting
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Mergers & acquisitions
ESOP

How can a succession plan help your business?

Complimentary guidance around optimizing the value of your business

Protect the longevity of your business

Secure wealth for the people you love

Help with managing your current financial strategy

Reward, retain, and protect long-term employees that were dedicated to helping you grow your business

Why should your business consider succession planning?

There are common triggering events that cause an unexpected sale, known as the 5 D's:

  • Death
  • Dissolution/Disagreement
  • Divorce
  • Departure
  • Disability

Exiting your business can be daunting and emotional. It is important to take control of your succession plan and exit with intention and purpose. Our help is completely free, and we will answer your most important questions while providing you with the guidance you need to prepare for the unexpected.

A business succession strategy is critical to managing risk. If you aren't sure about your preferred exit strategy, we will help you design strategies for a variety of scenarios, helping you stay prepared for the unexpected.

What to expect

Complimentary business review

We work closely with owners to learn more about the business and collect relevant data. From this information, our team will provide a market perception of value, peer-review, and key performance indicators outline.

Work with stakeholders

We partner with your business support network including attorneys and accountants. By working in collaboration with all advisors we can put together a holistic exit strategy. If you don't have the advisors you need, we can coordinate with our partners to help fill in the gaps.

Plan your goals and timeline

As we help you plan your goals and timeline for exit we will merge this strategy with your personal financial picture. We help you ensure you are selling for enough to fund your future goals and that your personal financial situation is as well looked after as your business exit strategy.

Succession planning articles

Unlock the keys to financial success with our curated list of business succession planning articles. Delve into the art of smart investing, discover strategies to grow your wealth, and learn how to protect and secure your financial future.

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Planning ahead for a business exit

What to expect when you exit your business

Four business succession mistakes to avoid

Selling to an ESOP is smart - if done correctly

Frequently asked questions

While it is not a formal valuation, our team gives business owners real life perspective and a realistic look at how value is determined including a deeper meaning into the phrase "beauty is in the eye of the beholder." Our business review process includes things you are doing well and opportunities for improvement.

Transitioning out of your business is not a black and white analysis. Circumstances need to be considered collectively. In order to help answer this question, we would conduct a detailed review of how the exit plan impacts personal wealth and family objectives. Our team offers a peer review which can assist with establishing a timeline.

We will help give you an idea of the key value drivers of your business and how you rank among your peers in the same industry. These key value drivers will help you understand areas of improvement you can address to improve your business's value.

We work in sync with your tax advisors and accountant to properly optimize your exit timing and strategy.

A proper business succession plan ensures that you are selling your business for enough money to fund your future personal and professional goals. Preparing for multiple exit scenarios allows you to prepare for unexpected events that impact how and when you exit.

Is private banking right for you?

Private banking at First Financial Bank is a comprehensive financial service. We offer a full suite of lending and cash management solutions, as well as personalized advice and support from a team of experienced professionals. In combination with Yellow Cardinal's financial advisory services, your private banker can partner on a holistic approach to financial management and wealth management.

Learn more about private banking