The Importance of a Succession Plan
As a business owner, your career goals, personal values, and your finances are all
intertwined. Your succession plan for your company or practice ultimately affects your
personal wealth goals, and vice versa—which is why it’s vitally important to establish a
plan that helps you marry both sides of your wealth world into a unified strategy for
success.
At Crown Wealth, we know how important it is to have a succession plan that supports your
business goals as well as your personal values and vision for the future. Lizzie’s family,
the Dipps, have been invested in El Paso’s business community for generations, and Lizzie
has personal experience in business succession planning. We’ve seen the disruption that poor
planning can cause in a business owner’s life and family, and we’ve witnessed the peace a
sound succession plan can bring a passionate business owner.
Whether you’ve run a successful practice for years and you’re getting ready to retire, or
you can’t imagine yourself not working in your business, you need a plan. The truth is, no
one knows what the future holds, and you may not foresee challenges down the road that could
arise in the transition of your business. For instance, what happens if you plan to leave
your company to your children, but they decide they don’t want to work in the family
business? What if your business partner passes away unexpectedly, and you don’t have the
means to buy out their share from their spouse (who doesn’t want to help run the business)?
If you decide to sell, how do you know the true value of your firm or practice to get the
best return?
These are all necessary questions to ask when creating a sound succession plan. We can’t
predict the future, but we can establish safeguards and create strategies that help ensure
the success you’ve created is always managed according to your wishes. Whether you plan to
pass your business on to your children, sell your company to the best buyer, or transition
your practice to a partner, we can help you develop a succession plan that keeps you in the
driver’s seat and supports your overall goals.
Succession Planning Process
There are many dynamic and intertwined elements that constitute a comprehensive business
plan, so when we create an exit strategy for your business, we make it our mission to review
every aspect of your wealth. We’ll help you envision the day you step away from your
business and determine exactly what success in that moment looks like to you. Then we’ll
outline a path that helps you reach that moment whenever you’re ready. As we review your
finances, we’ll identify the risks, challenges, and opportunities available to your unique
practice or business and how they tie into your succession plan. Essentially, we become your
financial quarterback so that no matter when you plan to exit your firm or sell your
practice, our team is behind the scenes, managing each detail and ensuring that your plan is
carried out according to your desires.
The Conundrum of Complexity
We’ve been blessed to work with driven, passionate individuals who own highly successful
businesses. Our clients run well-established medical practices, manage thriving companies,
and oversee flourishing legal and financial firms. And while this level of success is a
wonderful situation to be in, it also adds a layer of complexity to their businesses’
finances that can be difficult to manage. More employees, higher revenue, and intricate
operating systems all make succession planning just a little more complicated.
At Crown Wealth Strategies, we embrace those challenges. We know you need a dedicated
partner with comprehensive resources for your business succession plan, which is why we’ve
strategically aligned our firm with superior planning resources. Lizzie’s affiliation with
The Nautilus Group®, and more exclusively as a Nautilus Plus member, grants our team
exclusive access to an elite team of business and estate planning professionals. This
resource allows our firm to collaborate with approximately 30 leading industry experts who
have specialized skills in complex planning concepts like business succession and estate
planning. Through our years of experience and our alliance with The Nautilus Group®, we
provide customized analyses and state-of-the-art strategies that support your business
planning goals. So no matter how complicated your business plan may be, our team is well
equipped to ensure you have the greatest minds in your corner, making sure your succession
plan is everything you need it to be.
Business Planning You Deserve
As a business owner, you pour countless hours of time and energy into something that
ultimately serves others by providing jobs, creating opportunities, and stimulating our
economy—and your dedication deserves a reward. So while you’re busy taking care of your
business, employees, family, community, and everything else you juggle, we’re here to make
sure all of your hard work isn’t wasted. Through every stage of your business life cycle, we
are here by your side to help you minimize your tax burden, maximize financial
opportunities, and protect your assets. Ultimately, we want to give you every option and
opportunity for the future because you’ve given opportunities to so many others. We’re here
to ensure your business succession plan achieves your unique goals, whether you want to sell
your practice, pass your business on to your family, transition your firm to a partner, or
liquidate your assets. You’ve spent years pouring your heart into your work, and we believe
every option should be available to you.
