I’ve had the good fortune of getting to know so many fabulous business owners over the years. Just great people who know what they’re doing, work hard, and care about their customers and employees. They seem to do everything right, but one thing many of them don’t consider early enough is a succession plan.
Don’t Let it Get Messy
What happens when you can no longer run the business or just don’t want to do it anymore? So often these critical questions get put off and then things get messy, because there wasn’t a plan in place. Sometimes people make assumptions about family members taking over a business, but they never have discussions about it and that can lead to problems.
At 1st Source Bank Wealth Advisory Services, we don’t want our clients to have those problems, so we offer succession planning services, and we encourage business owners to get their plan in place as soon as possible.
The Future of Your Business
Another important issue to consider is the future success of the business. Did you know that two out of three family businesses fail in the second or third generation? Often the children or grandchildren just don’t have the same passion for the business and that leads to problems down the road. A good succession plan will address those possibilities and have steps in place that can help prevent future failure.
There are just so many different issues to consider, and we have the experience, expertise, and connections to develop a plan that works for everyone. A good plan begins with communication and understanding. We can help organize and facilitate family meetings, including discussions about the future of the business, legacy issues, and charitable giving. We also offer advice on wealth management, taxes, and other financial issues. Our service is centered around a team approach. We work together as a team and we have a team of advisors in various fields to make sure everything gets done right.
Start Planning Now
I just can’t stress enough how important we think it is for business owners to start now when it comes to discussing and developing a plan. We take pride in our personal service and the trust we’ve developed with so many businesses over the years. We know these types of discussions and plans can be very personal and they require a great deal of trust. Some of the conversations and plans are often very confidential.
If you have a business and you haven’t considered a succession plan, we encourage you to check out our Wealth Managment page or give us a call so we can get the conversation started. Let’s work together to make sure your passion and your hard work pays off for everyone. If you want to talk, please give me a call at 574-235-2795 or you can contact me via email at [email protected].