The process of succession planning is significantly different for a privately-held and/or family owned business compared to a publicly held company. For our purposes today, we’ll be dealing with the privately held because most businesses fall into that category.
Depending upon your advisor’s field of expertise, the definition of succession planning takes on a variety of meanings. For some, succession planning is all about wills, buy/sell agreements, trusts, and estate planning. For others, it’s about business performance and for another set of advisors, it’s all about family harmony.