Business Succession

Succession planning is one of those things that business owners sometimes put on their back burner, but never get around to focusing on until it is literally staring them in the face. However, failing to plan early and adequately for business succession can have serious implications—for both the business entity and the owner.

For starters, it can harm a company’s prospects for long-term survival after the owner leaves the business. It 
can also make it more difficult for the owner to exit the business on his or her terms and with the financial 
resources needed for the next stage of life—whether this is retirement, a new business venture or perhaps a 
charitable or philanthropic endeavor.

Ownership vs. Management Succession

  There are two broad categories when it comes to succession planning—ownership succession and 
management succession:

Ownership succession — This refers to the transfer of formal business ownership to the new owner(s) 
and the monetization of the owner’s wealth, as well as the transition of the owner’s key relationships to 
the successor owners. 
Management succession — This refers to the successor management team that will be responsible for 
keeping the business running after the owner has departed.

There are a number of different factors involved in ownership and management succession that owners and 
key management should be planning for, including:

  •  Locating the right buyer for the business
  •  Obtaining a current and accurate business valuation
  •  Building a deep and talented management team “bench”
  •  Tax and estate planning implications of monetizing the business
  •  Personal financial planning, including retirement and lifestyle planning

Prosperity Financial has experience helping business owners carefully plan the transfer to another generation or owner altogether.  Being a small boutique financial firm, Prosperity understands the dynamics of each business and will plan accordingly to make sure the transistion is smooth and beneficial financially.  As an independent broker, we have numerous financial products and services that can help facilitate the smooth transition of any business to a new owner or the next generation.


Office: 859-341-8184
2110 Chamber Center Drive
Ft Mitchell, KY 41017

Securities and Advisory Services offered through Cetera Advisors LLC, Member FINRA/SIPC. Cetera is under separate ownership from any other entity. We are registered to sell securities in the following states: CA, FL, GA, IL, IN, KY, MI, MO, MT, OH, PA, SC, TN, VA

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