Succession Planning and Execution

The 8 Steps to Succession Planning ®

We designed the 8 Steps to Transitioning the Value and Control of your company, currently being used in the Goering Center’s flagship program, the Next Generation Institute. In order to maintain adequate momentum in the race, athletes practice the hand off hundreds – if not thousands – of times before race day to ensure the highest probability of success. Does your transition process deserve the same level of confidence and experience in the “hand-off” process? We think it does.

Although every business is unique and every owner has different goals in a transition, our eight-step process consistently provides optimal results to a transition of value and control of our clients. Without experienced guidance, many companies complete the steps out of order, causing much damage to relationships with both family and key management and to the value of the company in the process.

We also ensure that our clients avoid a common mistake – that tax planning is the key to a successful transition. An effective tax planner can certainly develop strategies that minimize estate, gift and income taxes, but this should occur only after the overall transition plan and economics have been designed to meet the goals of all parties involved. No matter how talented and earnest your professional advisors are, if their specialties are not focused on the overall transition plan then they should not dictate your choices for your business or your family. Our process is clear. We help you complete the first five steps in the order they appear above, then we work with your other advisors to optimize the legal and tax structure around the plan that is the foundation of a successful transition.

All businesses face succession issues at one time or another, and in one way or another, during their lifetime. Whether transferring control internally or to an outside buyer upon a sale, one thing always remains true – an inefficient transition will cripple the company and potentially destroy the value you have worked so hard to create. Given the crucial nature of these transitions, you deserve a resource that has been down the road hundreds of times, successfully navigating transitions of value and control, so the hand off is clean and the momentum is not lost.

As instructors and advisors to many local organizations, including the Goering Center for Family and Private Business, we utilize these eight steps to benefit hundreds of local businesses who are seeking a seamless transition of value and control of their business. We are proud of our partnership with the Goering Center and welcome you to visit them on the web at

We welcome the opportunity to discuss how our expertise can assist you in accomplishing your transition goals.

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