Keeping a business running in the family builds a lasting legacy.
As the company moves from one generation of leadership to another, having a solid development plan for key roles while transferring the family business is a must. Succession planning supports the new ownership and makes the adjustment period for new leadership as smooth as possible.
Besides transitioning leadership roles and business operations, staying on track with finances is another major concern. To succeed, you’ll need a bank you can trust. All banks are not created equal when it comes to serving businesses and banking services.
What Is a Succession Plan?
Succession planning is the strategy put in place to identify and train the future leaders at a company for all levels of employment. Inevitable changes like employees resigning or retiring can often require the use of a succession plan.
Here’s one family-owned business’s story on succession planning when transferring their business from one generation to the next with American Bank & Trust.
Picek Construction, A Family-Owned Business
For over 51 years now, Picek Construction has been a trusted name for local homeowners and business owners in need of renovation, building, and construction services.
Picek Construction is a family-owned business that has been transferred from one generation to the next in the Picek family. The business has moved through ownership of three generations.
The owner for the construction company today is Justin Picek.
“Picek Construction was started in 1963 by my grandfather, Steve Picek Jr.,” said Justin. “He started by primarily building houses but over the years the business has expanded and now includes large commercial projects as well as continuing residential projects.”
In 2011, the Picek Construction company transition to the third generation was completed. Today, the business continues to thrive, benefiting the local economy and development of Huron, SD as well as continuing a family legacy.
American Bank & Trust Supports Family Business Transitions
Financial support during the transitional period from one generation to the next is a major concern for families.
During this step, your family can rely on American Bank & Trust. From providing a line of credit to help with cash flow, and supporting business accounts and loans for equipment, we’re there to be your financial backbone.
Our team of Business and Ag Bankers are eager to meet and work with you! Consider partnering with American Bank & Trust as you move forward with transitioning your family business to keep it profitable for years ahead.
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