Succession planning, essentially, is having a strategy in place for when the company’s key management (including yourself) and employees retire or leave your company. It’s a way to plan for both expected and unexpected departures of senior staff, and aims to ensure no significant expertise or leadership is lost upon their departure. We have consulted with family businesses in planning transition from the founding generation to the successive generation which may include talented individuals not in the immediate family of the founders. We have developed plans where business owners have pathways to reward key employees while preparing for their retirement and ensuring their retirement payout will not financially overburden the business. We have also crafted plans that financially satisfy the retiring owner before they leave the business through tax deferred vehicles.