The Value of Trust and Succession Planning for Your Business
Article details provided by Diane Kamprath, VP, Senior Wealth Management Advisor, and Nicole Smith, VP, Senior Wealth Management Advisor & Investment Coordinator.
Diane Kamprath, CTOP™ CSOP™
VP, Senior Wealth Management Advisor
Nicole Smith, CRPC™
VP, Senior Wealth Management Advisor & Investment Coordinator
Protect your legacy. Prepare for transition. Plan with confidence.
Succession planning is more than deciding who takes over your business. It’s about protecting what you’ve built, minimizing risk, and ensuring continuity when leadership or ownership changes.
Without a documented plan, unexpected events can leave business partners, employees, and family members facing uncertainty. Trust and succession planning provide a clear framework for decision-making, asset management, and long-term stability — helping your business transition smoothly while honoring your goals.
A well-structured plan considers how ownership will transfer, who will manage assets, and how responsibilities will be handled if you step away, retire, or face unforeseen circumstances. Trusts can play a key role in protecting business interests, managing distributions, and providing privacy and efficiency during transitions.
Choosing the right trustee is one of the most important decisions in the process. While individuals may bring personal insight, corporate trustees offer continuity, professional oversight, and impartial administration. That reduces conflict and ensures your plan is carried out as intended.
The Trust & Investment team at Croghan Colonial Bank works closely with business owners to design strategies that align with their vision, values, and long-term objectives. If you’re beginning the conversation or refining an existing plan, our experts can help you take the next step toward protecting your business legacy.
FAQs
Why is succession planning important for business owners?
Succession planning helps ensure your business continues operating smoothly if ownership or leadership changes. Without a plan, transitions can create uncertainty for employees, partners, and family members.
Do business owners need both a succession plan and a trust?
Often, yes. A succession plan addresses leadership and ownership transitions, while a trust can help manage assets, protect business interests, and ensure your wishes are carried out efficiently.
When should I start succession planning?
The best time to start is before you think you need it. Planning early gives you more options, flexibility, and control over how your business legacy is preserved.
Should I name a family member or a corporate trustee?
While family members may understand your business personally, the role can be time-consuming and emotionally challenging. A corporate trustee offers professional oversight, continuity, and impartial administration.
Important Legal Disclosures
*Investment products and services may lose value, are not a deposit, are not guaranteed by any financial institution, and are not FDIC insured or insured by any government agency.