Personal financial planning is fundamental to the succession planning process. This initiative involves using the fruits of your labor to build personal financial security independent of the business. Having a personal financial wealth development and management strategy will provide you with the freedom to consider all viable business exit strategies without being forced into one solely based on your personal financial needs.

 The development of an efficient estate plan will protect your accumulated wealth that is critical to you and your family’s security. A proper estate plan can maintain your privacy as you equitably transfer your wealth, including the delicate business enterprise, to appropriate family members and charities. Personal financial planning also provides the foundation for developing credit worthiness and transferring credit guarantees to family or key manager successors.

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