Business Succession Planning

TeamLMI can help clarify options, reduce stress and ensure a successful transition of your business

While the succession of the business owner includes many of the elements of traditional leadership succession, small and medium sized businesses have a special challenge: planning for the transition of owners is an emotionally and financially challenging process that requires a coordinated effort from all of the business advisors. TeamLMI’s comprehensive approach applies best practices for leadership succession, but also protects value and helps business owners retire on their own terms.

TeamLMI will help you address the family and emotional, owner legacy, and financial concerns in a comprehensive approach that encourages action, resolves problems and identifies novel solutions to complex challenges.

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Our approach is inclusive and brings together highly knowledgeable and ethical professionals from a variety of disciplines who are dedicated to helping businesses and their owners plan for a smooth transition. We create synergy between owners’ retirement objectives and the efforts of company management, employees, and outside advisors. Our goal is fundamental: by aligning efforts with objectives, our approach is designed to maximize your company’s value and reduce your risk.

Understand key objectives for family, legacy and financial areas
Identify the drivers of the company’s value
Align the efforts of management, employees and advisors with the owners’ objectives
Develop and implement a plan and timetable to reach critical milestones
Build value and reduce the risks during the transition process

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Case Studies

Case Study: “Fair does not Mean Equal”

Situation and Objectives: Sharon (53) and Tom (57) are husband and wife co-owners and officers of a specialty electronic component manufacturing company with $13 million in sales. Sharon...

Case Study: “Where has the Fire Gone?”

Situation and Objectives: Bill is 53 years old, the President and sole shareholder of a testing laboratory with $7 million in sales, with a healthy 25% historic EBIT. Although...

Case Study: "Fear of the Unknown"

Situation and Objectives: John is 61 years old, the President and majority shareholder of regional plumbing and heating company with $55 million in sales. He receives weekly...

Why Succession Planning Matters

The family business is a valuable asset that can change the lives of your family members for generations.
Nearly 12 million family businesses will change hands over the next 10 years and they employ over 60% of working Americans.
72 millions baby boomers are now in the workforce and preparing to retire in the next ten years or less—including your employees.
Accountants tell you what has happened, lawyers protect you from the worst case, but who helps you actually build and protect the value in your business?
84% of owners want to pass on the business to their children, but less than half actually do so.
Half of all companies have no succession plan, and the percentage is even higher in small firms or those that have been in business for fewer than twenty years.
Only 3 out of 10 family businesses survive the second generation and only 1 in 10 survive the third.
Over one-third of family businesses have no procedures for dealing with disputes between family members.

The statistics provided above have been derived from a variety of surveys of closely held business owners including: the PricewaterhouseCoopers 2007-2008 survey of nearly 1,500 closely held companies; the 2007 survey of 800 closely held businesses by the University of Connecticut School of Business Administration Survey; and the 2003 Arthur Andersen/Mass Mutual American Family Business Survey.