Plan the exit before you need it.

When should an Indiana family business start succession planning?

Five to ten years before the intended transition. Shorter horizons reduce the structuring options (installment sales, family transfers, ESOPs all require time). Five years lets you fix the things that depress value — owner-dependency, customer concentration, books that don't withstand diligence — before they cost you the multiple.

If you have a shorter horizon, we start with what's still possible and build the deal team to execute. The plan still helps; it's just narrower.

What's the difference between selling internally vs. externally?

Internal: family member, partner buy-out, ESOP, or key employee buy-out. Pros — known buyer, smooth client transition, more tax-planning flexibility. Cons — usually lower headline price than a third-party strategic buyer.

External: strategic acquirer, private equity, search funder, or competitor. Pros — typically higher price, clean exit. Cons — diligence is intense, transition periods are long, and clients/team go to a stranger.

Most family businesses we work with end up internal. The owners we work with usually care about more than maximum sale price.

What about Indiana estate tax on succession?

Indiana has no state estate or inheritance tax (repealed effective 2013). Federal estate tax exemption is $13.99M per person for 2025; succession planning for most Indiana family businesses isn't driven by federal estate tax but by income-tax basis planning, transition timing, and family dynamics.

Should the next generation buy in or be gifted in?

Depends on the dollar amount, the next gen's ability to pay, and family fairness across non-business kids. Pure gift is simple but uses gift-tax exemption. Pure sale forces the next gen to write checks. Most family transitions we structure are hybrid — gift part, finance part, with an earn-out tied to the business continuing to perform.