Your Trusted Partner for Business Succession Planning in Wisconsin & Illinois

Blackhawk Bank understands the trials and tribulations associated with the process of business succession planning. We recognize the importance of maintaining life-long professional and personal relationships while also handling change at mutual financial and business benefit to all the parties involved. 

We help business owners create effective business succession plans that keep the value of the business intact. Blackhawk Bank can assist in converting large financial assets into cash and ensure a smooth transition into your post-business life. Our BEI Certified Exit Planners, will help you organize a stress-free wealth and asset transfer according to your requirements. 

Professional assistance in complex business succession planning

Our business succession planners can help business owners in Wisconsin and Illinois map out a comprehensive solution that eases this professional transition. We have a long track record of success organizing succession for both single-owner and multi-owner companies. We’ll help you with different aspects of this procedure, such as: 

  • Choosing the most suitable solutions for your business and requirements.
  • Helping you find the right legal and financial partners to transfer your business to new ownership. 
  • Designating key employees that can handle the responsibilities of supervising business operations, making financial decisions, and overseeing internal administration. 
  • Naming said individuals through a business continuity plan.
  • Naming advisors and other important parties to be consulted during the process of ownership transfer. 

Our main priority is helping your business succeed through the business transition and beyond by creating a detailed business succession plan which will include a plan for continuity in the ownership of your business, committing to the success of clients and employees, and more. . 

Experience the perks of partnering with BEI Certified Exit Planners in Illinois & Wisconsin 

We have BEI Certified Exit Planners (CExP) on staff who have the knowledge to organize comprehensive business succession planning for single and multi-owner businesses in Illinois and Wisconsin. We’re here to make sure you’re prepared for the monumental wealth transfer that occurs during this process. Our exit planners will discuss all the aspects of your business succession during our Exit Planning Assessment. This is where we’ll help you organize and highlight your succession planning goals across vital priorities: 

  • Exit objectives
  • Incentive planning
  • Value drivers
  • Asset protection
  • Tax minimization
  • Written continuity plan
  • Employee retention
  • Family considerations
  • Business considerations
  • Competitive advantage
  • Market conditions
  • Tax planning
  • Sale preparation
  • Business value at transfer
  • Current business value
  • Income needs

Once you’ve taken our detailed assessment, you’ll receive a comprehensive Exit Planning Priorities report that will discuss all the important aspects of this process depending on the priority you assigned to them. Using this information, our experts will tailor a customized action plan that will address your unique exit planning goals, interests, and concerns. Let’s get started on assuring that the quality of your post-exit life matches or exceeds the quality of your pre-exit life today!

Expert solutions for the right business succession plan

Our BEI Certified Exit Planners are specialists in organizing a business succession plan for companies in Wisconsin and Illinois. They’ll help you choose the best option for your unique position. We’re familiar with all the paths available and we’ll work alongside you to find a tailored solution, including: 

  • Transferring the company to members of the family.
  • Selling your business to one or several key employees.
  • Selling your business to employees with an ESOP (employee stock ownership plan).
  • Selling your business to one or several co-owners.
  • Selling your business to an outside third party.
  • Engaging in the process of IPO (initial public offering).
  • Retaining ownership through passive ownership. 
  • Liquidating your company. 

We listen to your wishes and find the right partner who will serve your requirements. Our aim is for you to have an enjoyable post-ownership life while also keeping your company intact and allowing it to continue its expansion. 

We address common concerns for a stress-free business succession

Our BEI Certified Exit Planners aim to address all your potential points of apprehension through a comprehensive interview process designed to identify your concerns and successfully overcome them. During this process, we’ll focus on discussing the essential aspects of any business succession plan, including: 

  • Coordination of legal, tax, estate, and financial planning.
  • Details of your financial transition into the post-exit life. 
  • Exploration of advantages and disadvantages of different succession options.
  • Efforts into enhancing the current value of your business. 
  • Formulation of a succession plan you’ll be satisfied with.

Frequently Asked Questions

What is business succession planning?

Business succession planning refers to the process of preparing the different aspects of a business for change of ownership. It usually involves identification of critical positions within a company and developing plans that ensure a smooth transition and positive financial future.

At Blackhawk Bank, our BEI Certified Exit Planners will first identify your requirements through an Exit Planning Assessment to ensure you receive a tailored plan that fits the needs of you and your company in Wisconsin and Illinois. This way, we help secure your financial future as well as the future of the business you’re leaving behind.

How do I choose an exit strategy?

In order to choose the most appropriate exit strategy for the process of business succession planning, you have to:

  • Start thinking about your exit strategy before you’re actually ready to leave your business.
  • Assess the current resources of your company and your objectives regarding your and your company’s future.
  • Identify your objectives related to your departure date, desired amount of cash upon departure, and successor.
  • Determine the current market value of your company.
  • Perform cash flow projections and evaluate tax consequences of different potential exit strategies.

What are the steps for business succession planning??

Business succession planning is a complex process that requires plenty of preparation, and knowledge to execute successfully. That’s why it’s best to work with a financial partner who can help you formulate a plan that is best for you and your business, such as Blackhawk Bank. Our BEI Certified Exit Planners will create a comprehensive plan based on several vital factors:

  • Identification of your wishes for your financial future and your company’s wellbeing through a detailed Exit Planning Assessment.
  • Identification of key positions within your company.
  • Assessment of the risks associated with business succession in current market trends and company environment.
  • Choice of the most appropriate exit strategies applicable to your current and future position.
  • Coordination of different succession aspects, including estate, legal, and tax.
  • Management of all the aspects associated with succession planning until successful conclusion.

What critical positions at my business are important when it comes to business succession planning?

Some of the most important critical positions you have to keep in mind during business succession planning are:

  • Single incumbent: Individual who is the only one capable of performing unique responsibilities.
  • Specialized expertise and knowledge: Individuals who possess the required specialized knowledge acquired through training and education necessary for handling unique tasks.
  • Rare in market: This refers to qualified employees with the skills and knowledge that you’d have difficulty finding.
  • Retirement in five years: These are the employees who are expected to retire within five years of your succession or less.
  • Department heads: This refers to those positions and people who have strategically and operationally critical responsibilities.

Blackhawk Bank offers tailored solutions to business owners in Wisconsin and Illinois

Blackhawk Bank offers different types of specialized banking services across Wisconsin and Illinois. Our knowledgeable bankers will advise you on choosing the right type of exit strategy and help you organize a comprehensive business succession plan that will ensure your business continues to operate while you receive the finances you need.

With over 100 years of industry experience and success, we’re capable of mapping out your business succession process for both single-owner and multi-owner businesses. Our bankers will offer professional guidance from our exit planning assessment to the moment you’ve transferred your business into new hands.

Jim Reynolds, Vice President Business Banking in Roscoe Illinois

Jim Reynolds, CExP™
VP Business Banking
2475 North Perryville Road
Rockford, IL 61107

Direct: 815.986.7120 
Cell: 815.299.1315 
Toll-free: 800.209.2616 Ext. 4416 

Meet Jim  

Phil Whitehead, Market President in Janesville, Wisconsin

Phil Whitehead, CExP™
Janesville Market President
2525 Milton Avenue JanesvilleWI  53545

Direct: 608.713.1997 | Cell: 608.290.8227 | Toll-free: 800.209.2616 Ext. 3503 

Meet Phil


 Webinar Slide Deck:
Business Succession Planning

9/24/2021 Webinar
Video Recording