Succession Planning in Business Strategy

Oct 28, 2020 | Company Updates

Each year, the Colton Groome Advisors attend the Valmark Member Summit—an educational conference led by some of the industry’s most distinguished speakers. This October, we were ecstatic to be asked to join an experienced panel of speakers, helping to lead a round table discussion focusing on helping other firms through the complexities of succession planning.

Matt and Tate Groome were asked to answer various, open-ended questions regarding their experience in multi-generational business succession. Our Co-Bros were able to lead as resources to other firms looking to implement or alter future plans.

It was surprising that approximately 25% of the firms in attendance did not have succession plans at all. Even though these folks specialized in financial and insurance planning, some had not thought through this necessary next-step in their business plan.

For those looking to transfer ownership of your business, there are several primary options available to you:

  • Co-Owner or Company: Selling your shares to a co-owner or back to the company.
  • Heir: Transitioning ownership to a family member.
  • Key Employee: Transitioning your business to a key executive.
  • Outside Party: Utilizing attrition, or selling to someone outside of your organization.

Making these decisions are complicated, and take a thorough evaluation process. Have you thought of how to hand down, or sell your legacy, to reach retirement? You need an experienced and credentialed team to help you answer the tough questions and narrow down the true objectives of your succession plan.

Ready to learn more?

Valmark Business Succession Panel pictured above included: Don Reichert, Will Olinger, Caleb Callahan, Matt Groome, and Tate Groome

Colton Groome Financial
​1127-B Hendersonville Rd.
Asheville, NC 28803
Tel - (828) 252-1816
Fax - (828) 254-5895

Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, and Certified Financial Planner™, in the U.S., which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

This testimonial was provided by current client. The client was not compensated, nor are their material conflicts of interest that would affect the given testimony. The testimony may not be representative of the experience of other current clients and does not provide a guarantee of future performance success or similar services.

Advisory Services offered through Valmark Advisers, Inc. a SEC Registered Investment Advisor. Securities offered Through Valmark Securities, Inc. Member FINRA, SIPC 130 Springside Drive, Suite 300 Akron, Ohio 44333-2431 1-800-765-5201 Colton Groome Financial is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc. Colton Groome & Company is a separate entity from Retirement Plan Advisory Group.

Colton Groome Financial Advisors, LLC is a Registered Investment Advisor (RIA). Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. This material is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results. Colton Groome Financial Advisors, LLC has exercised reasonable professional care and diligence in the collection, analysis, and reporting of this information but has not independently verified, validated, or audited the data. Colton Groome Financial Advisors, LLC makes no representations or warranties with respect to the accuracy of the information, nor whether it is suitable for the purposes to which it is put by users. Colton Groome Financial Advisors, LLC and its subsidiaries shall not be liable to any user of this report or to any other person or entity for any inaccuracy of this information or any errors or omissions in its content, regardless of the cause of such inaccuracy, error or omission. Furthermore, in no event shall Colton Groome Financial Advisors, LLC be liable for consequential, incidental or punitive damages to any person or entity for any matter relating to this information.

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