Succession planning is one of the most important — and often most daunting — challenges for private business owners. The decisions you make today will shape your legacy, your business and your wealth for years to come.
Watch the first session of our 2nd Annual Center for Private Business Owners Succession Academy Webinar Series to explore strategies for transitioning ownership and leadership within the family. Learn how to identify successors, manage leadership changes, navigate legal and tax considerations and address family dynamics — all illustrated through a best-practice case study.
Here are some key takeaways:
- Proactive Succession Planning – Early preparation and a coordinated approach across financial, tax, legal and personal areas are critical to ensuring a smooth and successful transition.
- Governance and Family Dynamics – Clear governance structures and open communication help align family interests and manage generational differences throughout the transition process.
- Leadership Development and Readiness – Preparing next-generation leaders requires time, mentorship and sometimes interim management to ensure continuity and business stability.
- Integrated Legal and Estate Planning – Comprehensive estate documents, trusts and shareholder agreements reduce disputes, minimize probate delays and clarify roles and responsibilities
- Tax and Financial Structure Considerations – Entity type, valuation and funding methods such as seller financing or life insurance play a central role in balancing fairness and sustaining long-term growth.
Hosts:
Center for Private Business Owners
Stephen Prostano, CPA, JD, LLM, Partner-in-Charge
Cynthia Adams Harrison, Ed. D., LICSW, Managing Director