For many business owners, the company is more than just an asset, it is a legacy built over decades of hard work, risk-taking, and perseverance. Yet despite this deep connection, most owners delay creating a formal succession plan. That hesitation can be costly. According to the Exit Planning Institute, nearly 70% of business owners have no written transition plan. And with Baby Boomers continuing to retire in record numbers, the need for thoughtful, strategic succession planning has never been more urgent.
A successful transition doesn’t happen overnight. Whether you intend to pass the business to a family member, sell to key employees, or exit via a third-party sale, the process takes time—often 3 to 5 years or more. Starting early gives you time to groom successors, solidify operational systems, and maximize business value.
It also helps prevent disruption. Without a clear plan, a sudden health issue, economic downturn, or change in family dynamics can create chaos. A proactive approach safeguards your employees, clients, and the company’s long-term viability.
Another critical piece can be tax efficiency. Without proper planning, a large portion of your business proceeds could go to taxes. Working with advisors ahead of time allows for the implementation of strategies that can minimize tax exposure and align your exit with your long-term wealth goals.
A strong succession plan can also enhance your business valuation. Buyers want to see stable leadership, clean financials, and systems that don’t rely solely on the owner. By shifting your role from being “mission-critical” to more strategic, you make the business more transferable and more valuable.
Succession planning is not just about retirement. It is about protecting what you have built and ensuring it thrives long after you step away. It is also about peace of mind for your family, your employees, your clients, and yourself. If you are a business owner considering a transition within the next 5 to 10 years, now is the time to begin planning. The earlier you start, the more options you will have, and the better the outcome for all involved. If you would like to schedule an introductory conversation, feel free to reach out to us to schedule a discovery meeting.
Disclosure
This material is provided by Gryphon Financial Partners, LLC (“Gryphon”) for informational purposes only. It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy, or investment product. Facts presented have been obtained from sources believed to be reliable. Gryphon, however, cannot guarantee the accuracy or completeness of such information. Gryphon does not provide tax, accounting or legal advice, and nothing contained in these materials should be taken as tax, accounting, or legal advice. Individuals should seek such advice based on their own particular circumstances from a qualified tax, accounting or legal advisor.