Turning Over the Keys to Your Business

Only about 30% of family businesses survive into the second generation and only about 12% into the third generation.  For the most part, failures can be traced to one factor – little or no planning.

While most would expect to deal only with the change in ownership, successful succession planning boils down to creating continuity in leadership, management and culture in the midst of a change in ownership.  Such a plan is best developed and executed over a period of years with a strong team of advisors. 

Once those pieces are put in place, the change in ownership can be addressed.  Each unique plan involves not only the structures for change in ownership, but also for providing incentives to retain key management and leadership while the plan is developed and implemented.  Clear communication of the plan to key players and execution of the phases of the plan by the owner are critical to building the trust that is needed for a successful transition.

Jeff Bedingfield
2725 Rocky Mountain Avenue,
Suite 320, Loveland
970-663-7300
jbedingfield@nocoattorneys.com

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