Passing the Torch: Smart Succession Planning for Business Owners

By Bob Moses

CEO & Founder, Altum Wealth Alliance

You’ve built something special - a business that’s not just profitable, but deeply personal. Maybe it started as a dream scribbled on a napkin, and now it’s the engine that supports your family, your team, and your future. That’s something to be proud of. And it’s also something worth protecting - with a solid succession plan.

I’ve had the privilege of working with business owners for over 25 years. I’ve seen thriving companies passed smoothly to the next generation - and I’ve seen others struggle when there wasn’t a plan in place. Whether you’re thinking about stepping back in five years or just want a plan for “what if,” it’s never too early (or too late) to take control of the future.

Let’s walk through what that looks like.

Succession Planning Isn’t Just About Retirement

When people hear "succession planning," they usually think of retirement. But this is really about keeping your business strong, no matter what life throws your way. A health issue, a sudden change in the market, even a surprise opportunity - all of these can force decisions faster than you’d like. Having a plan means you stay in the driver’s seat.

Here’s what a good plan can give you:

• Control over how and when you step back

• Clarity for your team, your partners, and your family

• Confidence that your business will thrive without you at the helm

What Goes Into a Smart Succession Plan

Every business is unique, but here are five key pieces I help clients build into their plans:

1. Know What You Want

Do you want to keep the business in the family? Sell to a partner? Bring in outside leadership while staying on the board? Your vision shapes everything else, so this is where we start.

2. Understand What It’s Worth

It’s hard to make smart decisions without a clear picture of your business’s value. A professional valuation isn’t just for selling - it’s also vital for insurance, tax planning, and setting realistic goals.

3. Pick (and Prep) the Next Leader

Whether it’s a family member, a rising star in your company, or someone from outside, identifying your successor early gives you time to train them right. Think mentorship, not just handoff.

4. Get the Paperwork Right

We’re talking buy-sell agreements, shareholder documents, estate planning, insurance policies, and more. It’s not the glamorous part - but it’s what protects everyone involved. The goal is to avoid surprises and reduce taxes.

5. Talk About It

The best plans are transparent. That doesn’t mean posting your intentions on the office bulletin board -but it does mean having honest conversations with your family, leadership team, and advisors. Clarity beats confusion every time.

What Happens If You Don’t Plan?

If there’s one thing I’ve learned from experience, it’s this: no plan is still a plan. It just usually ends in stress, confusion, and unnecessary financial losses.

Here’s what you’re risking:

• Leadership gaps that cause business disruptions

• Family disagreements and potential legal battles

• Higher taxes and lower business valuation

• Loss of control over who takes over or how

And the biggest risk? Letting everything you’ve built unravel because no one knew what to do.

The Difference Between Good and Great Planning

Anyone can draft a buy-sell agreement. But a truly great succession plan is holistic - it accounts for your personal goals, family dynamics, tax strategy, and long-term legacy.

At Altum Wealth Alliance, we:

• Help you define what success looks like beyond a dollar figure

• Work with your attorney and CPA to align everything legally and financially

• Create a plan that evolves with your business, your life, and your goals

Because your business isn’t just a spreadsheet - it’s a reflection of who you are. Let’s make sure it stands the test of time.

When Should You Start?

Yesterday. Or today. Or as soon as possible.

Even if you’re not ready to retire, getting a plan in place now gives you options. More importantly, it gives you peace of mind.

Just imagine knowing that your team, your family, and your legacy are covered - no matter what comes your way.

Let’s Chat

If you’re ready to start this process - or just want to understand what your options are - I’d love to talk. No pressure, no sales pitch. Just a friendly conversation about the future of your business.

Because when it comes to something this important, it helps to have someone who’s been there. Someone who gets the emotional side of this journey, not just the technical stuff.

I’m here when you’re ready.