Transitioning your business from one generation to the next can be a complex process. A successful transition requires thorough understanding of not only your full financial picture but also the goals and visions of both the outgoing and incoming generations.
With our multigenerational family business experts guiding you through this important transition, you can plan and finance a business transfer that honors a legacy while setting up the next generation for future financial and business success.
In many cases, succession planning starts 18 to 24 months before a change in leadership. With a strong financial partner at your side, you can make strategic decisions to bolster efficiency and profitability, communicate effectively with employees, and take the best interests of all parties into account. Whether your transition is months or decades away, working with a banker who specializes in multigenerational family businesses helps ensure a smooth succession and the best opportunity for success.
Transitioning ownership also means transitioning customer relationships. Justin Chipman, CEO and third generation owner of Chipman Relocation & Logistics, shares how a long-standing banking relationship supported a seamless change for the family business and its customers.
Passing down a business is a complex family event, but also has the potential to help you achieve new growth and reach family goals. In this blog post, read about three key aspects of a smooth transition.
Over the lifetime of a business, maintaining a legacy can require creative solutions. Learn how brothers and second-generation owners worked with Enterprise to integrate forward-thinking financial strategies into the next generation of ownership.
On the Enterprise.ing® podcast, Bill Zahner, Co-Founder and CEO of A. Zahner Company, shares how his family’s architectural metal fabrication business has grown and evolved over its century-long history.