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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

Timothy Bubar

Timothy J. Bubar, CPA

Principal
Dale Demyanick

Dale B. Demyanick, CPA

Partner
Robert Ingrasci

Robert P. Ingrasci, CPA

Principal
Cheryl A. Jankowski

Cheryl A. Jankowski, CPA, CEPA

Partner
D’Marie Murray

D'Marie L. Murray, CPA

Principal
Connie Ricotta

Connie J. Ricotta, CPA

Principal

Upcoming Events

Webinar Series Part III: Planning, Planning, and More Planning - What’s Necessary to Optimize Your Personal Financial Position

Webinar Series Part III: Planning, Planning, and More Planning - What's Necessary to Optimize Your Personal Financial Position

June 22, 2021

Given the proposed tax rate increase to individuals, planning will be the key to mitigate financial stress. Your key takeaways from this one-hour discussion will include planning strategies that you can implement now.

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Webinar Series Part I: Federal Tax Laws Gone Wild

Webinar Series Part I: Federal Tax Laws Gone Wild

May 25, 2021

Planning is key to mitigate the impact of the administration's proposed tax law changes expected for tax year 2021. This one-hour presentation will review the potential changes and the impact to your operations.

Learn More
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