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Mar 15, 201811:54 AMOpen Mic

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Budget for transition: Financial checklist for smart succession planning

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Your succession-planning resource

If your business is approaching a time of transition, consider reaching out to your wealth management team for help in creating a succession plan that includes a thorough budget. In addition to these often-overlooked budget items, an experienced wealth management partner can:

  • Connect you with the right team of professionals to advise and assist you;
  • Prepare your outgoing leader or business owner for retirement by properly investing a settlement/package or the profits from the sale of their business; and
  • Provide guidance to incoming leaders or owners on understanding and protecting their new assets for future success and longevity.

According to Sir Winston Churchill, “He who fails to plan is planning to fail.” Instead, I encourage you to plan for success!

Attorney Alyssa Chance is a vice president-trust officer at State Bank of Cross Plains (SBCP). She brings experience from private practice working in family law and estate planning to her role in SBCP’s Wealth Management Division.

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