Local Parsec Advisors

Parsec Financial has a local office in Southern Pines. Financial advisors Scott Kittrell and Greg James are ready to help you with your business succession planning needs.

A business starts with a skill, a dream, and a whole lot of hard work and sacrifice. Add some luck (some might say) and it flourishes, supporting the families of its owners and employees while making a difference in the lives of its clients, customers, and community. Thus, selling that business can be hard.

“Most business owners have no idea how emotionally fraught the process can be,” says Greg James, CFP®, a partner at Parsec Financial. “Clients approach us with a wide range of feelings, from excitement to fear and reluctance, but they all want to know what their business might be worth and if they’ll be able to retire comfortably after the sale. Understandably, it’s difficult for a business owner to look at the value of his or her company through an objective lens. That’s where we come in.”

James and his colleagues have navigated these waters many times across various industries such as manufacturing, health care, and real estate, among others.

Sometimes, as the Parsec advisors work closely with their client, it becomes apparent that this is not the right time to sell due to market conditions or the client’s own financial situation. In that case, James and his colleagues suggest industry-specific strategic planning and record keeping that will maximize value when the right time comes.

Critical Questions, Ready Answers

“I’ve run this company for 30 years. Once it’s sold, what will my income be? How long will we be able to live on it? Will there be anything left for my kids and grandkids?”

James says he fields important questions like these every day. As a sale nears, Parsec advisors develop a comprehensive plan that shows their client exactly how to invest the profits from the sale of the business, as well as how much income it will generate and for how long. “This information ups the comfort level significantly,” says James. “Knowledge is definitely power—and peace of mind—when it comes to succession planning.”

Forceful Foresight

Why would some business owners seek the help of a succession planner when a sale isn’t being considered at all? “These clients are thinking ahead,” says James. “They want a detailed plan in place for sale or succession in the event of their unexpected death or disability. Having all the contracts and agreements written ahead of time is just good business.”

Ready to start the succession planning process? The financial advisors at Parsec are ready to partner with you.

To learn more and download a free guide on different business succession scenarios, visit parsecfinancial.com/succession-planning.

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