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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 V: Changes to Lease Accounting and How it Impacts Your Organization

Webinar Series Part V: Changes to Lease Accounting and How it Impacts Your Organization

July 27, 2021

The accounting for leases is changing significantly. The required implementation of FASB ASC 842 will mandate that most leases are included on the balance sheet as a right-of-use asset, with a corresponding lease liability. The new standard will impact nearly all commercial businesses and nonprofit organizations and is effective for annual reporting periods beginning after December 15, 2021.

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Webinar Series Part VI: The Pandemic and the Economy - Where Are We Now?

Webinar Series Part VI: The Pandemic and the Economy - Where Are We Now?

August 10, 2021

As everyone knows, the COVID-19 pandemic has had a global impact beyond health and safety concerns.  With millions of Americans vaccinated, where does the economy stand and what can be expected across the Upstate region, New York State, the United States, and Canada?

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