The Future of Your Business: Succession Planning

Ready to hear a reality check

- from other business owners?

  • Nearly three-fourths of privately held manufacturing firms in the U.S. were formed between 1960 and 1980.

  • Only about 14% have a succession plan in place for their company if they should die or become disabled.

  • Half of all business owners expect to sell their businesses to an outside buyer when the time is right.

  • At any given time 20% of privately owned businesses are for sale, and only one in four will actually be sold.

Here's what is important about these stats*. When we ask business owners when they see a major transition in the ownership of their businesses, most of them reply, "Five years." Suppose they don't start the plan today, then next year it will still be five years out and the year after that another five. Meanwhile the statistics imply that with every passing year the market for business sales will become more and more crowded.


* John H. Brown - Cash Out Move On: Get Top Dollar, and More, Selling Your Business: Every successful exit strategy requires tough questions and careful advance preparation.

If you’ve developed a successful business through years of hard work, you may want the business to continue in some form in the event of retirement, death, or disability.


Perhaps you want a family member to inherit and manage it, or you want the family to own the business but have it be run by a trained management team. Perhaps you want to sell the business and make sure that it sells at a fair value and is run well.


There’s a lot to consider to make sure everything will run smoothly at the time you leave the business for whatever reason, you need to prepare what is called a succession plan.

By their very nature, these plans are fairly complicated. Start thinking about gathering together your professional advisors, such as your business attorney, your estate planning attorney, your business accountant, and your financial advisor.

If you plan on selling the business, you will need to evaluate it—determine what it’s worth.


This again is a complicated process, and you’ll have to draw on the expertise of your team of advisors to get it right. And those advisors will shepherd you through the other complexities of planning a business succession:


For example, setting up a buy-sell agreement and funding the buy-sell with life insurance. The key to success is to create a comprehensive plan now that addresses all eventualities.


5925 Nall Avenue

Mission, Kansas 66202



Main: 913.319.8990

Toll Free: 1.866.510.8261

Fax: 913.319.8970

  • Grey LinkedIn Icon
  • Grey Facebook Icon
  • Grey Twitter Icon
  • Grey Instagram Icon


This site is published for residents of the United States only. Representatives may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed until appropriate registration is obtained or exemption from registration is determined. Not all of services referenced on this site are available in every state and through every advisor listed. For additional information, please contact Curtis & Associates, INC. here.
Securities offered through Lion Street Financial, LLC (LSF), member FINRA & SIPC. Investment Advisory Services offered through Lion Street Advisors, LLC (LSA). Neither LSF nor LSA are affiliated with Curtis & Associates, Inc.

Portions © 2014-2015 Liberty Publishing, Inc.

Portions © 1996-2018 SiteQuest Technologies. All rights reserved.

© 2020 by egg Designs.