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Transition management

Change is a complex process. We’ll help you create a plan to support a smooth transition and secure the future of both your family and your business. 

You’ve invested many years in your business, and now you’re ready to explore what’s next. However, you need a strategy to mitigate risks and manage the complex process — no matter whether you plan to transition management, sell your business to a third party, or pass ownership to a member of your family.

Our advisors can help you create a comprehensive strategy that ensures you exit your business on your terms — whether you intend to move on or move up into a new role as a mentor for the next generation. We can help you define a timeline for the transition process and create a strategy to maximize the value of your business while minimizing your tax burden. Additionally, our advisors can help determine a compensation structure for your family members and develop the decision-making frameworks you need to maintain harmony throughout the process.

Our team will work with you to ensure that both you and your family get the most from what you’ve worked so hard to create so that you can move forward together into the future.

What's your challenge?

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Mitigate risks

It's difficult to predict what the future may hold — and you need to have the right structures in place to protect both your business and your family from unexpected emergencies.

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Maximize value

It is important to make the most from what you’ve created, and you need support to determine the value of your business, navigate tax implications, and develop a strategy to enhance its value.

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Maintain harmony

Your family dynamics are as complex as your business — and you need support to set up a transparent compensation structure and define a decision-making process to minimize conflict.

How we help

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Family transition

You need support to navigate complex family dynamics — both before and during the transition process. Our advisors can help you set up a compensation structure for your family members, create a process to resolve disputes, and identify the education they need to understand the benefits they receive from your business such as shares or dividends.

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Management transition

You may be considering transitioning your family members into management positions in your business. Our advisors can help you create a decision-making structure to reduce conflict, identify the competencies your family members need to take on more responsibilities, and develop a timeline to ensure the transition occurs smoothly.

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Ownership transition

You’ve worked hard to create a successful business, and now you’re ready to explore the next chapter of your life — either by selling your business to a third party or passing ownership to a family member. Our advisors can help you create financial strategies to enhance the value of your business, minimize the tax burden of a sale, or mitigate risks during the transition process.

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Take the ExitSMART™ assessment

You’ve worked hard to create a successful organization. Are you building a plan to get the most out of what you’ve built?

Find out if your succession planning is on the right track with our ExitSMART™ assessment tool.

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TransitionSMART™

During succession planning, there are many questions that need to be answered. Important questions that ensure you transition your farm on your terms.

Taking the TransitionSMART™ assessment is a fast and easy way to begin answering your questions.

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SMARTPro

Now that you’ve progressed into the mature practice stage of the professional lifecycle, it’s time to check in and determine whether you’re prepared for what comes next.

SMARTPro can help you self-assess the current state of your practice and develop a roadmap for the years ahead.

What’s your challenge?

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Who

Three siblings shared joint ownership of a family business. Two were active in the business while one was not involved. Additionally, the siblings employed four next-generation cousins in the business who were compensated equally for their contributions despite their different work experience and educational backgrounds.

Challenge

A lack of communication about the future created uncertainty in the business. The cousins weren’t sure about their place in the future — such as whether they would continue to be compensated equally or how to make decisions together. Additionally, they weren’t sure how to resolve conflict if all four of them did not agree on business decisions.

Solution

Our advisors set up a management transition plan that would enable the cousins to practice making decisions for the business together and support open communication between family members. Additionally, we helped to create a family business constitution to outline how family members could enter or exit ownership of the business.

This constitution also outlined how family members would be compensated for their contributions and defined the decision-making process to reduce conflict. Additionally, the sibling who was not active in the business agreed to be bought out over time through conversations with our advisors.

Frequently asked questions

Contact our Family Office team

Kerry Smith CPA, CA, TEP

National Leader, Family Office Services

Shane King CPA, CA

National Leader, Succession Services