Held before a full audience of local entrepreneurs and advisors, the event was moderated by Steven González, PNC’s Regional President for Austin, and featured insights from Jim Benedict, Head of Business Owner Solutions at PNC Private Bank, Emily Schreiber, Senior Philanthropy Advisor at PNC Private Bank Hawthorn, and Larissa Rozycki, Managing Director at Harris Williams.

Together, they laid out a compelling argument for why succession planning isn’t a luxury, it’s a necessity.

Involuntary Transitions Are More Common Than You Think

“Fifty percent of business transitions are involuntary,” Benedict told the audience, pointing to what he called the “five Ds”: death, disability, divorce, dissent, and dishonesty. These disruptive events, he emphasized, don’t wait until an owner is ready. “Every owner says, ‘if I die,’ but what they really mean is ‘when.’ Succession planning begins the moment you start a business.”

That means putting foundational pieces in place early, such as buy-sell agreements between partners and contingency plans for unexpected departures. The goal, Benedict added, is to preserve continuity for employees, clients, and family members, especially in family-run businesses where relationships and emotions are deeply intertwined with operations.

The Value of Your Business is Only Part of the Equation

While owners often focus on valuation, Rozycki emphasized that the M&A process is about much more than numbers. “You want your business to be bought, not sold,” she said. “That means preparing the company and its shareholders financially and emotionally.”

A key takeaway was the distinction between enterprise value and what the owner actually walks away with after a transaction. Rozycki walked through the importance of clean financials, diversified revenue streams, strong management, and clear governance—all factors that can improve a company’s appeal to outside buyers or next-generation leaders.

“Often, we work with clients for several years before a sale is even on the table,” Rozycki said. “The earlier we partner with shareholders ahead of a transaction, the better positioned the company will be when it comes time to tell its story to the buyer community.”

Why Succession Planning Is Personal

Emily Schreiber shifted the conversation from balance sheets to personal legacy. “Succession planning is more than a business transaction, it’s a personal transition,” she said. “You’ve worked your entire life, or even across generations, to build something of value. So ask yourself, Why did I do this? What do I want this wealth, this company, to mean to my family and my community?”

Drawing from her experience advising families through transitions, Schreiber emphasized the importance of open dialogue. “When owners don’t clearly communicate their intentions, it can create confusion, resentment, and missed opportunities,” she said. “Planning early gives you the space to clarify your values and ensure your vision lives on.”

A successful plan must be guided by both practical strategy and personal purpose.

A Roadmap, Not a Deadline

The panel agreed that too many business owners wait for a “perfect moment” to begin succession planning. However, that rarely comes. “Start with the end in mind,” Benedict urged. “What kind of lifestyle do you want? What role, if any, do you want in the business going forward? How do you want your wealth to impact your family and your community?”

Rozycki added that planning isn’t a one-time event—it’s a process. “Your objectives may evolve over time. So the earlier you begin, the more you can adjust, adapt, and take control of the outcome.”

The panel’s advice: define your goals, assemble the right advisory team, and engage all stakeholders, including successors, early and often.

In closing, Schreiber offered a shift in perspective. “Don’t let fear of the unknown stop you,” she said. “You’ve built something extraordinary. Now think about how it can serve a purpose beyond you.”