Many friends and family have been telling me about the show, Succession. While I haven’t seen it yet, it recently stirred up a conversation in my morning commute with my 13-year-old son, Matthew. He wanted to know what it was about and why people are talking about it. While I didn’t have thoughts to share on the show itself, I took the opportunity to speak with him about an important topic relevant to individuals and businesses - succession planning.
Succession planning is all about future-proofing. Understanding that things will eventually change and preparing people to step into new and evolving responsibilities when the time comes. The idea of succession planning may seem daunting, but ensuring the continuity of a business or the smooth transition of assets and responsibilities is crucial. And it is not just about preparing for retirement or the end of life. It is also about having a backup plan for when key personnel are unavailable due to unforeseen events. If nothing else, the pandemic taught us that. With proper succession planning, you can ensure that things in your personal and professional life will continue to operate effectively without any hiccups. And in the case of a family business, it provides an opportunity for the next generation to take the reins and continue building on the legacy that has been established.
Since joining Stone and Company more than six years ago, I have been working closely with my dad, Don Stone. A kind and caring man with big ideas who has always been passionate about serving his clients. He built his business from the ground up, and over the years has earned a reputation for providing excellent service and always doing his best to do the right thing for his clients.
While Don isn’t going anywhere anytime soon, he knew that he needed to plan for the future of his business to ensure his clients would continue to receive the care they deserve. Succession planning can be a lengthy process but is a worthwhile investment. This time we have had together, working in the business has taught me more than I have learned in any course.
A frank and open discussion about your personal concerns with respect to family and finances is most helpful. Sometimes what we learn from you about your future goals you exceeds our scope. You may need a lawyer or accountant to properly address a potential issue, and, in that case, we are able to refer one to you. Your vision of the future for your business and family provides us with the roadmap to plan for taxation, succession, and family equalization issues.
In conclusion, succession planning is crucial for the long-term success of any business or individual. It provides an opportunity for the next generation to build on the legacy that has been established while ensuring the continuity of operations.
As time goes on Don and I will continue to work together in the business and naturally over time succession will follow. However, one thing will remain constant- my dedication to our clients to continue providing the same quality, service, and trust that my dad built his reputation on.
Enjoy the spring with your family and friends and if you can, plant a garden!
Allison Stone