Here’s How You Can Avoid Succession Drama at Your Company

Poor succession planning was at the heart of the HBO show Succession, but this financial advisory business owner is here to help you prevent that from happening at your business.

An older woman talks with a younger man in a conference room.
(Image credit: Getty Images)

If you’re a fan of HBO’s Succession like me, you were probably glued to your screens for the final season of the TV masterpiece. While the show was riveting, the truth is that Succession glorified poor business succession planning. If you’re a business owner and tuned in to the show, you were reminded how indecision and loosely constructed succession plans can tear a family apart, affecting your legacy, financial picture and familial bonds.

I know firsthand the major investment of time that goes into running a business. As someone who grew up on his father’s cranberry farm, bagging cranberries and starting a lawn care business at 11 years old, I know that a successful business is run by someone who dedicates their life not only to their craft but to their employees, co-workers, customers and clients. Caring for these people personally and financially, whether friends, family or acquaintances, adds another layer to the succession planning puzzle.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Keith Ellis, Investment Adviser
Co-Founder, SHP Financial

Keith Ellis is a founding member of SHP Financial and an integral part of the growth of the company since 2003. For over two decades, he has been dedicated to helping his clients protect not only their current investments but also plan for and protect their retirement. This passion and the motivation behind it are solely attributed to his upbringing. Hard work and the value behind not only the financial investment but also the time investment were instilled in him from an early age. He proudly comes from a lineage of entrepreneurs, cranberry farmers and teachers. His learning came from a hands-on approach whether it was bagging cranberries, working at his father’s side or starting his own lawn care business at 9 years old.