Business Succession Planning

The Importance of a Succession Plan

As a business owner, your career goals, personal values, and your finances are all intertwined. Your succession plan for your company or practice ultimately affects your personal wealth goals, and vice versa—which is why it’s vitally important to establish a plan that helps you marry both sides of your wealth world into a unified strategy for success.

At Crown Wealth, we know how important it is to have a succession plan that supports your business goals as well as your personal values and vision for the future. Lizzie’s family, the Dipps, have been invested in El Paso’s business community for generations, and Lizzie has personal experience in business succession planning. We’ve seen the disruption that poor planning can cause in a business owner’s life and family, and we’ve witnessed the peace a sound succession plan can bring a passionate business owner.

Whether you’ve run a successful practice for years and you’re getting ready to retire, or you can’t imagine yourself not working in your business, you need a plan. The truth is, no one knows what the future holds, and you may not foresee challenges down the road that could arise in the transition of your business. For instance, what happens if you plan to leave your company to your children, but they decide they don’t want to work in the family business? What if your business partner passes away unexpectedly, and you don’t have the means to buy out their share from their spouse (who doesn’t want to help run the business)? If you decide to sell, how do you know the true value of your firm or practice to get the best return?

These are all necessary questions to ask when creating a sound succession plan. We can’t predict the future, but we can establish safeguards and create strategies that help ensure the success you’ve created is always managed according to your wishes. Whether you plan to pass your business on to your children, sell your company to the best buyer, or transition your practice to a partner, we can help you develop a succession plan that keeps you in the driver’s seat and supports your overall goals.

Succession Planning Process

There are many dynamic and intertwined elements that constitute a comprehensive business plan, so when we create an exit strategy for your business, we make it our mission to review every aspect of your wealth. We’ll help you envision the day you step away from your business and determine exactly what success in that moment looks like to you. Then we’ll outline a path that helps you reach that moment whenever you’re ready. As we review your finances, we’ll identify the risks, challenges, and opportunities available to your unique practice or business and how they tie into your succession plan. Essentially, we become your financial quarterback so that no matter when you plan to exit your firm or sell your practice, our team is behind the scenes, managing each detail and ensuring that your plan is carried out according to your desires.

The Conundrum of Complexity

We’ve been blessed to work with driven, passionate individuals who own highly successful businesses. Our clients run well-established medical practices, manage thriving companies, and oversee flourishing legal and financial firms. And while this level of success is a wonderful situation to be in, it also adds a layer of complexity to their businesses’ finances that can be difficult to manage. More employees, higher revenue, and intricate operating systems all make succession planning just a little more complicated.

At Crown Wealth Strategies, we embrace those challenges. We know you need a dedicated partner with comprehensive resources for your business succession plan, which is why we’ve strategically aligned our firm with superior planning resources. Lizzie’s affiliation with The Nautilus Group®, and more exclusively as a Nautilus Plus member, grants our team exclusive access to an elite team of business and estate planning professionals. This resource allows our firm to collaborate with approximately 30 leading industry experts who have specialized skills in complex planning concepts like business succession and estate planning. Through our years of experience and our alliance with The Nautilus Group®, we provide customized analyses and state-of-the-art strategies that support your business planning goals. So no matter how complicated your business plan may be, our team is well equipped to ensure you have the greatest minds in your corner, making sure your succession plan is everything you need it to be.

Business Planning You Deserve

As a business owner, you pour countless hours of time and energy into something that ultimately serves others by providing jobs, creating opportunities, and stimulating our economy—and your dedication deserves a reward. So while you’re busy taking care of your business, employees, family, community, and everything else you juggle, we’re here to make sure all of your hard work isn’t wasted. Through every stage of your business life cycle, we are here by your side to help you minimize your tax burden, maximize financial opportunities, and protect your assets. Ultimately, we want to give you every option and opportunity for the future because you’ve given opportunities to so many others. We’re here to ensure your business succession plan achieves your unique goals, whether you want to sell your practice, pass your business on to your family, transition your firm to a partner, or liquidate your assets. You’ve spent years pouring your heart into your work, and we believe every option should be available to you.