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Business Planning and Succession

Sometimes success is more difficult to maintain than to attain.
We act as a personal chief financial officer, and connect the operating business to the entire financial picture.

Wellspring has many clients who successfully run closely-held businesses and need help integrating the business financial and tax performance with family life and with planning for the future. We act as a personal chief financial officer, and connect the operating business to the entire financial picture. Like a CFO, we make the clients as chief executives of the family and the business more productive. We help design a plan that covers both orderly transitions of management and ownership. As in our approach to wealth management, we approach business succession planning holistically. We consider our clients’ influences and goals with the succession plan, providing the foundation for future decisions. 

Wellspring can help clients assess where they are and implement planning geared toward where they would like to be. We will also help implement, review and rebalance the plan.

Wellspring’s planning and business succession services include:
  • Connecting ongoing business performance and tax issues to the family financial picture
  • Identifying a potential successor and determining the amount of future family involvement
  • Fostering communication among family members regarding their interests in and ideas for the future of the family business
  • Developing a plan that meets the immediate and future needs of our clients and their business
  • Working with outside counsel to complete legal documents to put the plan into practice
  • Monitoring and rebalancing the business succession plan as situations and business environments change
  • Assisting with the selection of advisors to address specialty areas of the plan, including compensation and rewards planning, wealth transfer techniques and corporate restructuring
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