What lenders look for in a succession plan

What lenders look for in a succession plan

Your lender may not be top of mind as you create a succession plan, but it’s a pertinent party. One key issue that lenders want a succession plan to address is, simply, who’s your successor? Follow a thoughtful process to choosing the right person then set a timeframe for the transfer of control and ownership, all while keeping your lender in the loop. To guard against future disputes, lenders also want to know that the planning process involves your entire family, regardless of whether the individuals involved are active in the business. We can help you with the tax, accounting and financial aspects of succession planning, including effective communication with your lender.

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