Cypress Wealth Services
When you first got that spark of an idea to start a business or create a service or product, it’s not likely you spent much time thinking about how and when you’d transition out of the ownership role down the road. But after the years of the blood, sweat, and tears that go into building a successful and sustainable business, all business owners must face decisions surrounding the final transition of their company.
But just thinking about it doesn’t cut it. Since every single business owner will one day transition their business at some point, advanced planning is critical to achieving their aspirations—both for their business and family. Unfortunately, less than 25% of business owners have established a formal written business succession plan. (*1)
This failure to plan is often due to two reasons. First, business owners are much better working in their business than on their business—as they should be. Second, the process of creating a proper succession plan can be difficult and overwhelming. This is where professionals can greatly assist owners by illustrating and implementing a clear and concise process from beginning to end.
Here’s a glance at what our team will cover in our stage-by-stage process.
Defining exit objectives and goals:
Personal financial analysis:
Current valuation and the development of value drivers:
Transitioning your business and relinquishing the reins will likely involve a mixture of emotions. As with any important business decision (and especially when it’s emotional), it’s wise to partner with a financial professional who can serve as an objective and knowledgeable third party. We at Cypress Wealth Services would be honored to help guide you through these decisions, the transition, and whatever comes next. To set up an introductory meeting, contact one of our offices today.
Cypress Wealth Services is an independent RIA firm providing financial planning and investment management to high net worth individuals, families, business owners, and institutions. Cypress Wealth Services comprises professionals with diverse backgrounds and extensive experience and qualifications. Cypress Wealth Services is uniquely qualified to serve a broad range of client needs, and their experience and expertise act as a foundation for their client service process. The firm uses The Second Growth, which focuses on efficiently protecting, growing, and transferring to their loved ones the wealth and legacy a person has already built. With financial advisors in Palm Desert, CA, Tustin, CA, and Anchorage, AK, the firm serves clients across the country in Wealth Management Services, Fiduciary Services, 401(k) Design and Management, Investment Reporting Services, Financial and Retirement Planning, and more. For more information, visit www.CypressWS.com or call 760.834.7250.
(*1) - https://www2.deloitte.com/content/dam/Deloitte/us/Documents/deloitte-private/us-dges-business-succession-planning-collection.pdf