Business Succession Planning: Are You Prepared for the Future?

Running your own business presents unique challenges when it comes to succession.

Roughly 43% of family-owned companies still need a transition plan, which can spell disaster. Whether you're facing a shift in ownership now or in the next decade, it's crucial to create a strategy that supports both short- and long-term success. This is not just about your business, it's about protecting your legacy.

There are a variety of factors to consider:

• Taxes: The ideal tax structure varies depending on your unique situation.
• Wealth: Your transition could affect your personal wealth or retirement plans.
• Family: Whether your business will pass to a family member or not, you need to know how the transition will affect you and your loved ones.
• Emotions: Owning a business has been a part of your identity, and relinquishing control can be an emotional decision.

Croghan is here to help you prepare for and ease through business ownership changes. Our dedicated team will coordinate the necessary individuals and gather the information you need to make an informed decision about your company.

That includes preparing for meetings with CPAs, attorneys, and family members. We're happy to discuss concepts and address different areas of business wealth management.

Contact your Commercial Lender to learn more.