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Succession Planning

Privately held businesses, especially those owned by the baby boomer generation, should be considering the next steps for the future success of their business. You’ve likely invested a lot of time and resources into achieving a successful enterprise and worked to follow a strategic plan, hitting milestones and planning for continuity. However, as you think about the longevity of your company, you may not have given any thought to a succession plan.

The statistics for continuity among family-owned businesses are telling: only about two-thirds of those businesses will survive to the next generation and only 5 percent will survive to the fourth generation. Whether you own a family business or are part of an executive team managing the business, it becomes increasingly important to give serious thought to a succession plan. 

Prepare for the succession of your company, no matter how far away.

Succession planning includes taking the time to determine who is most suitable to run the business after you, and allowing for time to instruct others about the intricacies of the business, including the values that you believe should be upheld. 

Your management team must educate themselves about the organization in areas where they’re lacking. In addition to transferring leadership responsibilities, there’s the issue of transferring your ownership interests, which is also complex and requires careful tax planning.

Let our succession planning professionals help pave the way for continued growth.

Careful succession planning is essential for the successful transition of your business to the next generation. Our independence and objectivity enable us to make recommendations that are in line with your business goals. We will work with you to develop a succession plan that will help ensure the long-term success of your business.

For more information about succession planning services from Lumsden McCormick, contact a service leader below or complete the form below.

Services Leaders

Sherry DelleBovi

Sherry L. DelleBovi, CPA

Partner
James Dunn Jr.

James M. Dunn, Jr., CPA

Partner
Michael Grimaldi

Michael J. Grimaldi, CPA

Partner
Cheryl A. Jankowski

Cheryl A. Jankowski, CPA

Partner
Mark Janulewicz

Mark G. Janulewicz, CPA

Partner
Brian Kern

Brian J. Kern, CPA

Partner
Michē Needham

Michē C. Needham, CPA

Partner
John Schiavone

John P. Schiavone, CPA

Partner
Cory Van Deusen V

Courtland "Cory" Van Deusen V, CPA

Partner

Upcoming Events

2019 Exempt Organizations Conference

2019 Exempt Organizations Conference

November 22, 2019

Join Lumsden McCormick for our 25th Annual Exempt Organizations Conference featuring local and national experts presenting on a variety of pertinent industry topics.

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The Avantax Advantage

The Avantax Advantage

December 05, 2019

Avantax Wealth Management delivers a comprehensive, tax-inclusive approach to financial situations that yield healthier financial and investment decisions.

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