You get one shot

Follow along in our series as we share stories of fictitious characters making real-life mistakes as they navigate the transition of a business and entrance into retirement from their prior life as a successful and always-working founder, owner or CEO. Each post highlights typical misses or failures when not approaching succession and exit planning in a holistic manner and leveraging advisors in key aspects along the way.

Learn how to avoid common succession mistakes

Navigating the pitfalls of poor succession and exit planning

Succession planning failure poor communication
Communication breakdown

Joe started a small manufacturing company in his garage 30 years ago that grew to a sizeable company with more than 100 employees. Joe wouldn’t consider his business a “family business” technically, but he was excited to have his son, Kyle, work in the business. He had always secretly hoped that at least one of his kids would want to work in the business and continue his legacy...

Succession planning failure the fire sale
The fire sale

Dave was done. Building his business had been the work of both he and Angie’s life, working side-by-side day after day. Weekends and holidays had evaporated as weeks, months, and years went by. Then Angie got sick, really sick. Together, they decided they only had one option: to sell the business externally...

Succession planning failure ignorance is bliss
Ignorance is bliss

Mary grew the business into a small, successful company that provided her a very comfortable living. Mary sold her business, and started enjoying the retirement life. But after a few years, she soon realized she was not financially healthy for the rest of her life...

Succession planning during COVID
Succession planning in the time of COVID

After all was said and done, Cynthia would be paying millions of dollars more to the government than if she had taken care of things a few years earlier. If only she could go back to 2020 and do it right...