Succession Planning

Planning for the Future of Your Family Business

Your business may be one of your most significant assets. Deciding how the management and ownership of your business should be passed down from generation to generation is an extremely important and complicated process. The fact is, while 90% of the small businesses in the US are family-owned, only 30% of these businesses succeed into the second generation with a mere 15% surviving into the third. Creating a comprehensive succession strategy can significantly improve the odds that your business will survive and even prosper after you’re gone.

The advisors at Chemung Canal Trust Company are acknowledged leaders in the field of succession planning. We have helped hundreds of business owners successfully transition their companies. Working directly with you, your family and your advisors, we will develop a well-thought-out strategy that ensures continuity, enhances value and protects and preserves your family business over generations. The succession planning professionals at Chemung Canal Trust Company can:

• Set exit goals, including identifying and understanding the financial needs of the business
• Resolve valuation issues
• Work with the next generation to identify their long term goals
• Assess, explore and structure options and deals
• Create a succession roadmap for you and your family
• Help you overcome obstacles such as complex finances, market conditions and a myriad of emotional and logistical factors