For business owners, it is even more vital to include your advisors at the table when putting plans in place. While it’s possible to structure your own business succession plan, professional advice can be invaluable, and is essential if you anticipate that your business will have a market value exceeding the value you bring to the table.
There are many sources of objective advice to help you sort through the questions of family succession. In most cases, your best advice on family succession issues will come from outside of the family. Outside advisors, such as your company’s board of directors, your business’s external accountant, or your advisor at Creative Planning, can help you identify any family succession problems and help ensure that sound business decisions take priority over any personal family issues that may arise.