Business Succession Planning

How will you effectively transition your business?

The Process of Planning a Successful Business Transition

When it comes to developing a succession plan for your business, there is no “one size fits all.” We work closely with you to create a plan that will ensure your years of hard work will be transitioned effectively to maximize the return for the future.

By planning for succession, you retain control over the outcome. Our team of professional business transition advisors — Certified Exit Planning Advisors, Certified Public Accountants, Certified Valuation Analysts, CERTIFIED FINANCIAL PLANNERS™ and Certified Mergers & Acquisitions Advisors — are here to work with you.

Aldrich transition advisors steps for succession planning: Step_1

Step One: Assessment

First, assess the business by performing a business valuation and exit readiness assessment.

  • Valuation: Determines a reasonable valuation of the company to use as a guideline.
  • Attractive vs. Readiness: Addresses things that will come up in the due diligence or growth process, that may not be apparent to the internal observer.

Then, set personal, financial and business action steps to improve value and readiness.

Planning Increases Value: Succession planning raises issues of inevitable life changes, of mortality, and of changes in key personal relationships. Should the worst happen, the value of your business often decreases without an effective succession plan. This means your beneficiaries will not receive the full value of the business.

Aldrich transition advisors steps for succession planning: Step_2

Step Two: Preparation

There are three considerations as you plan for transition:

Personal and Financial Planning: What am I going to do after the sale and do I have enough to do it?

Business Improvements: What makes the company more valuable and am I willing to do it?

Transition Options: Address all of the options available and determine the best fit for your situation.

Considerations for Transition: Do you plan to continue your involvement in the business, reduce your hours or exit completely? Will you transfer your business to a family member or market it to outside buyers? Once you have sold your business, what source of income will you use in the future to support yourself and your family? Creating a financial plan to prepare for the transition out of business ownership will be an important consideration. Our professionals are here to guide you through wealth management, financial planning and estate planning services during and after transition.

Aldrich transition advisors steps for succession planning: Step_3

Step Three: Decision

It’s time to decide whether to grow or exit.


If you choose to risk reward and grow, consider investing in value enhancements.


If you chose to sell or transition, explore your options and initiate your transition plan.

Marketing Your Business: The business-for-sale marketplace is unregulated and often disorganized. There is no multiple listing service, no centralized, structured source that participants in the marketplace can rely on. To further complicate the task, the process relies upon confidentiality — selling the business without telling anyone it’s for sale. Because of these factors, there is no “cookie cutter” approach that works for every business, and so each owner must begin with a marketing plan that is unique to their specific needs. Our professionals will help you create a marketing plan that determines what makes your business attractive to buyers, who are the likely buyers and how to find those potential buyers and motivate them to purchase.

Transferring Your Business to a Family Member: If you are considering transferring your business to a family member, there are a variety of strategies you may use such as establishing lifetime gifts or transferring the business through your estate plan.