By LIDDE MARTINEZ
President, Los Alamos Region
Enterprise Bank & Trust, Member FDIC

During major turning points in the lifetime of your small business, it’s important to have a trusted financial partner by your side. In the event that you decide to pass on your business to the next generation of your family, there will likely be many factors to sort through.

This pivotal moment can involve many complex conversations and decisions, but with proper planning it’s also an opportunity to achieve new growth and elevate long-standing family business goals.

Going beyond transactional banking, Enterprise Bank & Trust’s consultative team of experts offers financial and strategic insight to help your transfer go smoothly. It’s important to start the planning process three to five years before any potential change in leadership to give all parties time to organize finances and operations.

As you start preparing, be sure to assemble a team of trusted advisors such as a CPA, attorney, banker and wealth advisor who understand your business. Sit down with your team and both the incoming and outgoing generations to map out a timeline to help with a smooth hand-off process and a clear transfer of duties.

We take great pride in assisting our small business community with major events such as business transfers as well as the everyday banking needs that keep your business running. I hope you consider taking advantage of the tools, knowledge and connections that Enterprise can provide your family during transitional periods.