Roger Graham is the founder, chief executive officer, and chief investment officer of Braintrust Capital, LLC, where he provides independent wealth management and planning services to individuals and institutions. With more than 25 years of experience as a financial advisor, Roger Graham delivers integrated guidance that spans investment management, retirement planning, estate planning, and business succession considerations. His professional background includes senior roles at UBS Financial Services and Morgan Stanley, where he developed expertise in strategic asset management and advising business owners on long-term financial decisions. At Braintrust Capital, Graham applies a multi-asset, planning-centered approach designed to align personal financial objectives with organizational strategy. His experience in economic development consulting and public-sector planning further informs his perspective on ownership transitions, governance, and continuity. In his role as a financial advisor, he regularly works with clients to address the financial and structural complexities associated with preparing a business for leadership transition, liquidity events, or long-term legacy planning.
An Overview of Business Succession Strategies
The term “succession planning” describes a series of processes and strategies for identifying key positions within an organization and effectively filling those positions. Succession planning is a complex process that must account for numerous factors, including the organization’s present status and future objectives.
While succession planning often involves identifying critical skills needed for business continuity in the event of potential vacancies, the term “business succession planning” specifically involves a business owner’s strategy for exiting their leadership position at a small business or major corporation.
Business succession planning represents a delicate balance between individual financial objectives and long-term organizational strategy. With the complexities of business succession planning in mind, owners should begin planning their exit well in advance. An effective exit plan should function as a natural extension of the business’s growth strategy. Sustainable growth, in fact, represents one of the key qualities that can attract potential buyers, along with the company’s creditworthiness.
Many business owners find themselves preoccupied with daily operations and oversight, and do not spend enough time integrating business succession planning with personal wealth planning. Setting up an effective exit plan represents a major step toward funding retirement and other personal financial goals. Business owners can consider several business succession strategies, ultimately choosing the strategy that best meets their needs, corporate structure, and market positioning.
Purpose of Succession Planning
Business succession planning is the proactive process of preparing for the orderly transfer of ownership, management, and economic value of a closely held business. The objective is to preserve enterprise value, ensure continuity, provide liquidity, and minimize tax exposure upon retirement,
disability, death, or sale.
Internal Succession Strategies
Family Transfers: Ownership is transferred to family members using installment sales, trusts, or estate-freeze techniques, prioritizing legacy preservation and control.
Management or Employee Buyouts: Key managers or employees acquire ownership, often using structured financing or ESOPs, allowing leadership continuity while providing liquidity.
External Succession Strategies
Third-Party Sale: Sale to a strategic or financial buyer, typically maximizing liquidity but resulting in loss of control.
Private Equity Recapitalization: Partial sale providing liquidity while retaining an ownership stake and future upside.
Hybrid and Contractual Strategies
Buy-Sell Agreements: Agreements among owners governing ownership transfer upon death, disability, or retirement, commonly funded with life insurance for liquidity.
Estate and Tax Planning Integration
Advanced estate planning techniques can transfer future appreciation out of the taxable estate. Liquidity tools may help manage estate taxes without forcing a business sale.
Governance and Transition Planning
Effective succession planning addresses leadership transition, governance frameworks, successor development, and family or shareholder communication.
Advisory Perspective
Succession planning is an ongoing process requiring coordination across financial, legal, and tax disciplines. Early planning protects business value, family harmony, and long-term financial independence
About Roger Graham
Roger Graham is the founder, CEO, and chief investment officer of Braintrust Capital, LLC, an independent wealth management firm providing comprehensive financial planning and portfolio management services. Drawing on more than two decades of experience as a financial advisor, he advises clients on retirement planning, estate planning, and business succession strategies. His professional background includes senior positions at UBS and Morgan Stanley, as well as experience in economic development consulting. Graham has also served in leadership and governance roles for various educational, nonprofit, and community organizations.