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Business Wealth Management

Talk to People’s United Advisors about planning to transfer ownership the right way.

Prepare now to succeed later

Day-to-day business operations to build and succeed take energy and time, but don’t get so caught up in the now that you ignore the future. There are a number of factors effect when and how a business owner should put a succession plan into place.

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Selling?

If the logical choice is to sell the business and exit entirely, then a succession plan is one option.

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Retiring?

For owners that prefer to maintain their business for continuation even after they retire, a succession plan must be drafted.

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People’s United Advisors

We are investors. We are locally based throughout the Northeast and our clients are at the center of all that we do. People’s United Advisors offers wealth and investment solutions, customized to each client. We understand the investment and wealth space. We draw upon our tenured team’s expertise and the extensive resources of People’s United Bank to help clients navigate through their unique wealth challenges. As a fiduciary, we pride ourselves on acting in the best interest of our clients and providing each client with the uncommon expertise of People’s United Advisors.

Protect the business you’ve worked so hard to build.
Are you so busy building your business that you forgot to protect it? We're here to help you develop a plan to protect your business and the key people who run it.

  • Protect your business property and assets
  • Insure your key employees
  • Create a succession plan and carefully document how it will be executed

1. Choose a Successor

The first step is to identify an appropriate successor to take over the business. This is not as easy as it might sound. Is this person a family member or assistant? Or will it be a partner or several parties? Often there is not a clear answer and each choice will need to be carefully considered for its own strengths and weaknesses.

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2. Value your business

In order to execute the sale or transfer of a business, a set dollar value for the business needs to be determined. This can be done in several ways, including having the business appraised by an independent party such as a CPA, or by an arbitrary agreement between all partners involved. If the company consists of publically traded stock, the valuation of the owner’s interest is determined by the current market value of the stock.

3. Make a plan

There are several common types of business succession plans that businesses frequently put into place, such as:

  • Selling the business to a co-worker
  • Passing on business to an heir
  • Selling to a key employee
  • Selling to an outside party
  • Selling shares back to your company

All require careful execution to make it clear what the plan is, reduce any potential disputes between parties, ensure that the terms and conditions of a potential sale are clearly outlined, and relieve some of the stress for the departing owner’s family.

Further, there are additional options available to minimize the financial burden on family, such as employee stock ownership plans or certain life insurance policies. These should all be addressed when considering the magnitude of options available to a departing owner.

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We're here to help!

People’s United Advisors, Inc. helps institutions, employers, and individuals and their families navigate investment, trust, retirement, banking, and planning challenges.

Our experienced professionals work as a team, bringing specialized knowledge and solutions to the conversation.

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Call us at (800) 392-3009 to schedule an appointment with a Financial Advisor.

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Visit a local branch near you

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Disclosure

Investment products are offered through People’s United Advisors, Inc., a registered investment advisor. People’s United Advisors, Inc. is a wholly-owned subsidiary of People’s United Bank, N.A.

Investment Products are:

• Not Insured by FDIC or any Federal Government Agency
• Not a Deposit of or Guaranteed by a Bank or any Bank Affiliate
• May Lose Value


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