If your business, like 80 to 90 percent of all American businesses, is family-owned and operated, you may find it unsettling to discover that a majority of family-owned companies are doomed to a life span averaging 24 years, with most being sold or liquidated after the founder’s death. To ensure that your business makes a smooth transition to the next generation, let the consultants at Kennedy and Coe help you prepare your business for long-term success.

As we enter an era marking the retirement of an entire generation of baby boomers, adoption of a well-developed succession plan is even more vital. And while many people think of succession planning as having application only in family-owned companies or larger companies, it should be an integral part of every company’s strategic plan. At Kennedy and Coe, we focus on preparing your business for the future and can help facilitate a successful transition of ownership to position it for long-term growth under a new generation of leadership.

Let us help you:

• Establish a process that recruits employees, develops their skills, abilities and prepares them for advancement, all while retaining them to ensure a return on the organization’s training investment
• Clarify the long-term goals and objectives of your company, identifying employees’ current and future developmental needs and work force trends
• Prepare employees and/or family members for new leadership roles, allowing current employees to step up when needed. We refer to this as talent management and recommend that every key person and position in your organization be a candidate for your succession plan
• Utilize deferred compensation plans to provide funds to the owner after the business is transferred and to retain key employees
• Navigate the maze of tax legislation that precludes paying tax, penalty and interest on deferred compensation before it is received

For more information, call 800-303-3241 or e-mail dlarson@kcoe.com.