As we enter an era of retirement of an entire generation (the Baby Boomers), a well-developed succession plan is of utmost importance. Many people think of succession planning as having application only in family-owned companies or larger companies, but it should be an integral part of every company’s strategic plan. At hb&k, we focus on preparing your business for what lies ahead and can help facilitate a successful transition of ownership to position it for long-term growth under a new generation of leadership.
Let us help you:
- Establish a process that recruits employees, develops their skills, abilities and prepares them for advancement, all while retaining them to ensure a return on the organization’s training investment;
- Clarify the long-term goals and objectives of your company, identifying employees’ current and future developmental needs and work force trends;
- Prepare employees and/or family members for new leadership roles, allowing current employees to step up when needed. We refer to this as talent management and recommend that every key person and position in your organization be a candidate for your succession plan.
- Utilize deferred compensation plans to provide funds to the owner after the business is transferred and to retain key employees;
- Navigate the maze of tax legislation that precludes paying tax, penalty and interest on deferred compensation before it is received.