Voice of Business Blog

Guest post from Greater Rochester Chamber member Colleen Matteson, President, Bank of America Rochester

For Greater Rochester business owners, the enterprises they’ve worked hard to build reflect personal and professional achievement and help fuel our local economy. These businesses drive innovation, support economic growth, and strengthen our region. As entrepreneurs and business owners navigate day-to-day demands, including managing operations and supporting employees, one crucial task often sits on the back burner: creating and updating a comprehensive strategy for the company's future.

What will my company look like in 5 years? In 10 years? Who will run my business?  Where does that leave me?

Estate and succession plans help business owners plan for their business’s future. According to the 2026 Bank of America Private Bank Study of Wealthy Americans, 78% of high-net-worth business owners believe succession planning is essential to building long-term wealth, yet only 20% have a fully documented plan.

Here are a few areas business owners should consider when developing their long-term strategies:

Protect your business: A well-structured strategy does more than name who will succeed you. It helps preserve your company’s value by anticipating potential operational disruptions, tax implications, and internal conflict and by setting a clear plan for the transfer of assets and management. Addressing these questions early and putting the right structures and solutions in place can provide greater clarity for you and your loved ones while protecting what you’ve built.

Plan for longevity: Longer lifespans are reshaping how individuals approach financial planning, business transitions, and lasting wealth. 92% of respondents in the 2026 Bank of America Private Bank Study of Wealthy Americans say longevity is an important factor in financial planning, yet only 46% report having the three essential documents (a will, living will or advance directive, and durable power of attorney) to carry out their long-term financial goals or wishes. Today’s business owners are facing a more complex wealth landscape and a longer runway, making it all the more important to work to preserve wealth and prepare heirs for personal and business planning.

The business of family: Generational transfers are rapidly reshaping the business community – 23% of wealthy business owner respondents report inheriting their business, compared to 11% in 2024 and 5% in 2022. The transfer of family businesses and the added layer of family involvement create unique challenges and opportunities for business owners and future generations. Families must navigate complex questions around leadership, roles, expectations, and future involvement. With 25% of owners ranking family conversations as one of their biggest estate planning challenges, open dialogue and formal structures are crucial for establishing clear, proactive solutions that align with family values and business goals.

To learn more, visit Bank of America Private Bank online.