Navigating pivotal moments Purple PaperSM
Pivotal moments can affect your personal life as well as your business. It’s important to have a team in place that’s preparing you, your family, and your business for the future.
Planning
When planning for your business’ future—including life after transition—there’s a lot on the line. You need somebody who understands all aspects of the deal. Not just the mechanics of its structure, but also your family’s personal wealth needs. Someone who can help coordinate all the necessary resources and ensure that everyone’s working together.
Before transition
- Develop a transition and family legacy plan—our data suggests owners are far more satisfied with post-transition life when they invest adequate time up front with the right wealth professionals to develop a personal wealth strategic plan.
- Evaluate strategic alternatives and impact. Strategic business decisions made in a vacuum can leave a business owner unsatisfied with the outcome.
- Integrate personal wealth preparation and business preparation. Separating those two often results in sub-optimal outcomes for owners and their families.
- Minimize or remove obstacles that prevent an owner from making a successful transition, such as issues caused by multiple owners with different objectives, family dynamics, existing planning structures, tax considerations, and cash flow demands
During transition
- Make sure the tactical personal wealth planning aligns with the transition plan and transaction for optimal outcome. This includes buy-sell agreements, trust and estate planning, income and wealth transfer tax planning, gifts and philanthropy, cash flow forecasting, etc.
- Coordinate advisors (investment bankers, attorneys, accountants) and their advice to ensure alignment with wealth planning and personal goals—including a Truist Business Transition Advisory Group professional in your inner circle of trusted advisors.
- Maintain a seat at the negotiation table to address real-time decisions and changes arising from evolving deal structures. Business transitions often require complex negotiations that can differ significantly from your original expectations
After transition
- Develop proper family governance and education structures to foster strong communication and to begin preparing future generations for the challenges of managing significant wealth.
- Explore your philanthropic goals and create appropriate charitable structures.
- Create a comprehensive, multifaceted investment strategy to protect, preserve, and grow the family wealth.
- Provide appropriate insurance solutions, implement appropriate risk mitigation and management structures, and provide continual cash flow and planning support.
Thinking beyond financial capital
Transitions are complex undertakings, with a lot of moving parts. And they raise plenty of questions:
- Where do I begin—and how soon should I start?
- Who can I talk with to discuss all the liquidity options?
- How do I minimize any adverse tax implications?
- Will a transition align with my trust and estate planning goals?
- How do I set up my family for success?
- Can I support my lifestyle and philanthropic goals?
Our core mission: To help you fully understand the impact a transition will have on your family.
Focusing on business owners
The Business Transition Advisory Group at Truist Wealth works exclusively with business owners to successfully navigate complex transition decisions by:
- Helping you assess goals and objectives to design your transition plan
- Evaluating strategic alternatives and their impact to you and your family
- Aligning personal preparation with business preparation to maximize the outcome of the transaction
- Coordinating the tactical personal wealth planning decisions required to execute your transition plan
Ready for better solutions?
Get started by finding a Truist Wealth advisor.