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? Schedule a consultation today.

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