New report offers guidance on succession planning

Michelle Di Gangi
Posted by Michelle Di Gangi
Small Business Banking

Sooner or later, most small business owners have to consider a big topic: succession.

Cover of "Smooth Transitions" reportLetting go of your business and stepping aside can be an emotional and complex process involving major financial decisions.

Selling a business or handing it over to family members, business partners, or employees requires careful, advance planning.

In our latest report, “Smooth Transitions: Three Steps for Wholesaler Succession,” we explore some of the key succession planning issues for small business owners in the wholesale business. The report identifies major questions all business owners need to consider and discusses the experiences of the family-owned wholesale business Redco Inc., near Fresno, California.

“Smooth Transitions” author Kristin Nelson leads Private Business Owner Solutions at Bank of the West and is experienced at helping small businesses understand their options, assemble the right team of experts, and design succession plans that create a legacy, build wealth, and help protect family members. She is a frequent public speaker on topics of interest to business owners, including succession planning.

I like Kristin’s three-step approach discussed in the report and the questions she outlines that must be considered to make informed choices around family, tax, estate, and retirement issues.

It all starts with a candid family conversation.

You can view and download the full report here.

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