Ensuring the Legacy of your Small Business

March 27, 2024 | BusinessFocus-Business Focus

A huge thank you to those that participated in our February newsletter anonymous survey. It is evident that generational transition is a challenge many of you are currently facing or will face in the near future. Take a moment to read about how we are helping our customers ensure a smooth transition that ensures the legacy of their small business for generations to come.

Our Commitment to Smooth Generational Transition

By Bandon Baller | Hartington Branch President/Senior Lending Officer

As a trusted partner in your small business, we understand the significance of preserving your business's legacy for future generations. The results from our February newsletter survey made it clear to us that succession planning is the #1 concern among business owners like yourself. It is a conversation we have every day with customers. Those with retirement in sight often report that they want to be able to find the right balance between setting the next generation up for success, and not jeopardizing what they have worked a lifetime to build. While this sounds noble in nature, many couples view the task as intimidating and thus don’t take action out of fear of where to start.

Next generation small business owners often express frustration over the fact that their aging parents aren’t willing to reveal their plans to them, making it difficult for the next generation to adequately plan for the future. The inability of the two sides to effectively communicate their desires to one another can sometimes lead to small businesses changing ownership, or worse yet, discontinuing.

At Security Bank, we take pride in our specialized team of commercial lenders who are not just financial experts but also deeply rooted in our local communities. Our mission is to support small business owners like you in every stage of your journey, and one crucial aspect of this is facilitating the seamless transition of your small business to the next generation. We recognize that passing down a business is not a simple task. It involves careful planning, open communication, and strategic decision-making. Our experienced commercial lenders are here to guide you through this process, offering personalized solutions tailored to your unique needs and aspirations.

Here’s how our commercial lenders can assist you in transitioning your farm to your next generation while safeguarding the legacy you’ve built: 

Comprehensive Financial Planning:

Our team will work closely with you to assess your current financial situation and develop a customized transition plan. We’ll help you optimize your financial resources, minimize tax implications, and ensure that your next generation has the necessary resources to succeed.

Succession Planning Expertise:

Crafting a solid succession plan is essential for a smooth transition. Our commercial lenders have extensive experience in succession planning and will assist you in drafting clear roles, responsibilities, and ownership structures.

Access to Specialized Resources:

We provide access to a network of trusted legal advisors, accountants, and other professionals who specialize in small business succession planning. These experts will collaborate with our team to ensure that every aspect of your transition plan is carefully considered and executed.

Financial Education and Support for the Next Generation:

Transitioning the business to your next generation involves preparing them for the responsibilities that come with ownership. Our commercial lenders offer financial education and mentoring programs to help your next generation build the skills and knowledge necessary to manage the small business effectively.

Ongoing Guidance and Support:

Our relationship doesn’t end once the transition is complete. We’ll continue to be your trusted partner, offering ongoing guidance, financial advice, and support to ensure the long-term success of your business and your family.

Your small business is more than just a business—it’s a legacy that spans generations. With Security Bank by your side, you can rest assured that your business's legacy will be preserved and nurtured for years to come.

To learn more about our commercial lending services and how we can assist you in transitioning your small business to the next generation, please contact us or visit our nearest branch. Thank you for entrusting us with your financial needs. We look forward to serving you and your family for many years to come.