Selecting a Business Succession Team

Selecting a Business Succession Team

I’m KayDee Gilkey with the Northwest Farm and Ranch Report.

The purpose in this week’s theme of business transition or succession is to get you thinking about the process because it isn’t something that happens quickly nor easily.

In yesterday’s report, we visited about the first step of a business succession plan. Once you made the decision to begin the process, how do you find the right team of experts to help your family navigate the process?

Rich Thornton, Firm Director of Wealth Services Implementation for Moss Adams LLP, has more than 30 years of experience in dealing with business management, ownership and estate transition planning. He shares some things to remember when picking your team of advisors.

Thornton: “I think the most important thing is people who are willing to listen to you and your family about the business. But along that line, it isn’t just about listening it also understanding about the business and about the family and about the industry because all those things are intertwined whenever you are dealing with transition from one generation to the next.”

So you’ve found a team of experts and they understand your family, business and industry and they now know your business’ objectives and goals. The team’s next steps?

Thorton: “You then have to prioritize the key action steps that need to be done again incrementally. You can’t put a list of 10 things down for every a year. That’s not going to happen. You got to say what are the two things that are most crucial we get done in the next six to nine months. And then once you get those done, move to the next items of importance.”

I’m KayDee Gilkey with the Northwest Farm and Ranch Report on the Northwest Ag Information Network.