| The successful continuation of a business beyond its founders requires careful planning; it does not just happen. Less than one third of all closely held businesses continue beyond the first generation of owners and approximately only fifteen percent survive to the third generation. The primary reason a business does not continue is because of its failure to plan for the orderly succession of management and ownership.
Pepe & Hazard provides comprehensive succession planning services to its business clients. We work closely with owners and managers to identify personal and business goals and objectives and to develop and implement a coordinated business succession plan. There is no "one size fits all." Rather, it is necessary to conduct a detailed analysis of the business's financial condition, management structure, operations and competitive markets. A well conceived succession plan generally addresses (i) the structure and timing of the transfer of ownership of the business using tax effective strategies, (ii) the transition of management responsibilities to new managers, and (iii) the personal retirement and estate planning considerations of the owners.
We typically work side-by-side with our client's accountants, financial advisors, insurance agents and bankers to ensure integrated planning. Our objective is to help our clients develop and implement a plan that not only meets the particular needs of owners and management, but also conveys a positive message to the business's employees and customers. |
