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What’s one of the biggest planning challenges facing business owners? Succession.

By asking the right questions, you can be a catalyst for planning conversations that will deepen and strengthen your relationships with business owner clients and prospective clients.

Here are 3 questions that work well.

Question 1: What are your long-term plans for your company?

If they have a plan, this is a great opening for them to walk you through it. If they don’t, this is an opportunity for you to explain the need for and benefits of advanced planning.

Question 2: Do you have a written succession plan in place?

Let's face it, exit events can happen without warning. Being prepared with a written plan will provide continuity for the business and also help to preserve its value.

Question 3: What steps have you taken to manage the income and estate tax consequences of transitioning your company?

Whether it's through tax-loss harvesting, the use of qualified small business stock or charitable giving, there are many ways to manage these consequences with advanced planning.

Consider asking these three questions in upcoming conversations to help improve legacy outcomes for your business owner clients and prospective clients.

The views expressed in these posts are those of the authors and are current only through the date stated. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions for Eaton Vance are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. The discussion herein is general in nature and is provided for informational purposes only. There is no guarantee as to its accuracy or completeness. Past performance is no guarantee of future results.