Planning Your Business Succession

As the owner of a closely held business or potential successor of this role, one of the biggest challenges you must plan for is business succession. By identifying and addressing the key hurdles in this complex process, you can enjoy a newfound confidence in your future, your family’s future and the continued success of your business. Topics covered include: identifying a successor, navigating potential conflict, structuring a buy-sell agreement, and integrating the steps of succession planning and estate planning more seamlessly.

Becoming a business owner, like becoming a homeowner, is a big part of making the most of the American Dream. While owning a business presents a great deal of opportunity, it also presents a unique set of challenges. One challenge in particular that too often goes overlooked by business owners is that of succession planning. With a solid succession plan in place, you can feel confident knowing that at the time of retirement, disability or death, both you (the owner) and the business are protected. Learn how to easily overcome the key hurdles in the succession planning process to: identify your successor, navigate potential conflict, structure a buy-sell agreement, and integrate the steps of succession planning and estate planning more seamlessly. In the end, you, your family and your closely held business will all benefit enormously.

As the founder and President of Wealth Partners Corporation, Steve Hoover is adept at helping individuals, families, business owners and executives implement strategies for achieving their wealth management goals and successfully managing their financial futures. He specializes in providing tailored solutions to owners of closely held companies and senior level executives in the Kansas City area. With more than two decades of industry experience, he understands how to help clients in all stages of the planning process navigate their financial journey and address their five most common concerns: • Preserving wealth • Mitigating taxes • Taking care of their heirs • Ensuring their assets are not unjustly taken • Planning for charitable giving Steve founded Wealth Partners Corporation in 2003 and its personal planning subsidiary, The Retirement Pilot, in 2011. He uses a comprehensive consultative approach designed to gain a detailed understanding of his clients’ core values before finding customized solutions for addressing both their short-and long-term goals. Outside the office, Steve works to educate investors and business owners about how to more successfully prepare for the future they deserve. His workshops have been widely attended by employees of notable local and national companies such as St. Luke Health Systems, Olathe Medical Center, Interstate Brands Corporation, General Electric, AT&T, Sprint, Ford, General Motors and Hallmark. Steve has been voted a Kansas City Magazine FIVE STAR Best in Client Satisfaction financial advisor by his clients six years running. After being raised in Leawood, Kansas, Steve went on to attend and graduate from the University of Kansas in 1985. He and his wife, Sherri, currently reside in Leawood and have two children, Lauren and Cole.