As a business owner, you may wonder who will take care of your business when you step down. Cassie Mogavero, Financial Center Manager with Fifth Third Bank, suggests working with a financial planner to create a succession plan that will protect your life’s work. “Many small business owners are so focused on making sure their businesses are successful right now, they forget about planning for the future,” Mogavero says. “Succession planning is an important step for every business. It’s about being proactive and ultimately making life easier later on.”

Take the first step and contact your financial institution for a referral to a trusted financial partner. Your family members, co-workers or friends may also have recommendations. Your local chamber of commerce and networking groups are other helpful resources.

The right person for the job
Your business is important to you, so it’s important to develop a succession plan with a financial partner who is qualified and trustworthy. Interview three to five candidates, just as you would a potential employee. Mogavero suggests asking the following questions:

• What are your credentials? If you need someone who is a certified financial planner, look for someone who has successfully completed the proper education and testing. You can confirm your candidates' credentials at www.cfp.net or check with the Financial Planning Association.
• What type of experience do you have? Check on how long your candidates have been in the business and what types of accounts they’ve worked on. Ideally you want someone who has worked with similar businesses or at least within the same industry. Consider asking if you can contact past and current clients for a reference.
• Do you have a business succession plan? It’s important that the financial partner you select has their own succession plan so there is someone just as knowledgeable available to step in and handle your account, should the need arise.

Developing an individualized plan
After you’ve selected a financial planner, he or she will help you evaluate your goals and develop a succession plan based on your needs and wants. In order to understand what those are, be prepared to answer questions, such as “Do you want your business to continue after you step down?” or “Do you have someone who is able to run your business if you no longer can?”

How often should you review your plan?
Your financial planner will also work with you to put your plan into action. Even after you have a succession plan in place it’s a good idea to review it with your financial partner on an annual basis to make sure all of the information is current and still meets your needs. Additionally, if your business goes through any major changes, such as a downsize, upgrade or partner change, you should contact your financial planner to make sure everything is properly documented in your succession plan.

Fifth Third Bank can help you establish a small business succession plan, as well as refer you to other professionals that can help with succession planning, such as lawyers and certified public accountants. “You can walk into any Fifth Third Bank branch and get the help you need whether it’s planning goals or executing your succession plan,” Mogavero says. “We’re here for you so you can focus on your business.”

To learn more about finding the right financial partner for succession planning, contact Fifth Third at (866) 475-4201 or visit 53.com.

Fifth Third does not provide legal or tax advice. You should consult your tax advisor with any questions.