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Easily establish your business succession plan

Building a successful business is an incredible feat, but what happens to your hard-earned legacy when you're ready to step down? A business succession plan isn't just a formality; it's a strategic blueprint to help ensure the continued growth and success of your enterprise.

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Define your goals with an investment professional

The first step in succession planning is defining your goals. Do you want to keep the business in the family? Are you considering selling? Or perhaps a merger is more fitting?



By identifying your objectives upfront, you can tailor the succession plan to meet your specific needs. Our advisors at Savvy will guide you through this crucial phase, making sure every choice aligns with your long-term vision for the business.

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Get a fair valuation for your business

Determining the worth of your business isn't just about the numbers. It involves a comprehensive evaluation of assets, liabilities, market conditions, and growth potential. This is pivotal for informed decision-making, whether you're handing over the reins or considering an outright sale

Determine and develop your successor

Choosing a successor is arguably the most critical element of business succession planning. Whether it’s a family member, key employee, or an external candidate, Savvy can help provide a professional opinion on how to identify individuals with the right skills, vision, and commitment to lead your business into the future.

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Join our community of hundreds of motivated and like-minded individuals who are writing the future today, while securing their legacies for tomorrow.

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FAQ

What is the first step in financial planning?

The first step in financial planning is taking a comprehensive look at your current financial situation. This includes listing your assets, liabilities, income sources, living expenses, debts, and financial goals. Once you have a clear picture of where you stand financially, you can begin setting SMART (Specific, Measurable, Achievable, Relevant, Time-Bound) short and long-term financial goals.

The first step in financial planning is taking a comprehensive look at your current financial situation. This includes listing your assets, liabilities, income sources, living expenses, debts, and financial goals. Once you have a clear picture of where you stand financially, you can begin setting SMART (Specific, Measurable, Achievable, Relevant, Time-Bound) short and long-term financial goals.

Why financial planning is important?

Financial planning is important because it helps identify and prioritize financial goals, provides guidance to improve decision-making, reveals vulnerabilities, and boosts confidence in your financial future. It can lead to better money management through budgeting, saving, investing, and managing debt and risk.

Financial planning is important because it helps identify and prioritize financial goals, provides guidance to improve decision-making, reveals vulnerabilities, and boosts confidence in your financial future. It can lead to better money management through budgeting, saving, investing, and managing debt and risk.

How to create a financial plan?

To create a financial plan, first set SMART goals, then evaluate your current financial situation including income, expenses, assets, and liabilities. Next, analyze if your current course meets those goals, research strategies, build a plan with alternatives, and choose one to implement and monitor over time, adjusting as needed.

To create a financial plan, first set SMART goals, then evaluate your current financial situation including income, expenses, assets, and liabilities. Next, analyze if your current course meets those goals, research strategies, build a plan with alternatives, and choose one to implement and monitor over time, adjusting as needed.

What is financial planning and analysis?

Financial planning and analysis refers to processes like planning, budgeting, forecasting, and reporting that help organizations make data-driven decisions about finances and strategy.

Financial planning and analysis refers to processes like planning, budgeting, forecasting, and reporting that help organizations make data-driven decisions about finances and strategy.

What are the steps involved in the financial planning process?

The 6 main steps in the financial planning process are: set financial goals, gather financial information, analyze your situation, build strategies, implement the plan, and monitor progress/adjust over time.

The 6 main steps in the financial planning process are: set financial goals, gather financial information, analyze your situation, build strategies, implement the plan, and monitor progress/adjust over time.

How to write a financial plan?

To write a financial plan, determine goals, collect financial documents, make a budget, include debt management, retirement, insurance, investing, and estate planning details, note gaps, choose products/services, and identify tasks for you vs your advisor.

To write a financial plan, determine goals, collect financial documents, make a budget, include debt management, retirement, insurance, investing, and estate planning details, note gaps, choose products/services, and identify tasks for you vs your advisor.

How much does a financial plan cost?

The cost of a financial plan depends on complexity and if you do it yourself (free) or use a robo-advisor (about 0.25%-0.50% of assets yearly) or financial advisor (average of 1% of assets under management yearly), who provide more customization and guidance.

The cost of a financial plan depends on complexity and if you do it yourself (free) or use a robo-advisor (about 0.25%-0.50% of assets yearly) or financial advisor (average of 1% of assets under management yearly), who provide more customization and guidance.

What is the purpose of a financial plan?

The purpose of a financial plan is to evaluate your whole financial life, identify and prioritize goals, provide guidance to improve decision-making, reveal vulnerabilities, boost confidence in your future, and put strategies in place to optimize money management.

The purpose of a financial plan is to evaluate your whole financial life, identify and prioritize goals, provide guidance to improve decision-making, reveal vulnerabilities, boost confidence in your future, and put strategies in place to optimize money management.