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Business Succession

Leaving a Short- and Long-Term Business Legacy

Frank, age 65
Married with three children
Sole owner of a private manufacturing business
Personal net worth: $7 million

I like to think I'm good at making my own decisions. But when it comes to stepping aside from my business, I found a lot of questions I just couldn't answer. Would it be fair to ask my older boys, who've worked for me since high school, to share the company with their brother, a college professor who doesn't know a fluid power seal from a spiral wound gasket? Would my boys be able to maintain the key customer relationships I'd cultivated? Or is selling the business outright the safest way to go? If I sold to a competitor, could my kids stay with the company? Could they buy it from me themselves? In either case, how would I structure the deal? Balancing my desire to fully enjoy retirement and still leave something for the kids wasn't as simple as I thought it would be.

Harris Private Bank worked with me to review the options from every angle. My Wealth Advisor asked experts from all over the Harris organization to help. A Trust Administrator described several presale alternatives like establishing trusts, taking advantage of insurance opportunities and so on. Someone from the Business Banking Group gave me advice on structuring the sale to minimize capital gains taxes. They also offered to provide services post—sale—things like ongoing investment management, estate planning and help with building a vacation home.

I left that meeting with a lot to think about. I also felt confident that the people at Harris understood my situation as a business owner and were ready, willing and able to help me achieve my ultimate goals. To me, that’s invaluable.

Find out about Harris Private Bank’s Wealth Advisory capabilities.

These case studies are presented for illustrative purposes only. Please consult with an advisor to determine solutions that are appropriately suited to your particular individual circumstances.