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www.HartfordBusiness.com • November 5, 2018 • Hartford Business Journal 21 passed on or if a change is made in who takes on operational responsibilities. Circumstances can differ greatly from industry to industry, family to family, McLaughlin noted. He said that there is never one universal correct answer in handling business succession, which is why it's important to review all details at play. Webster Bank is accustomed to dealing with businesses in the medical, manufacturing, legal, accounting, professional services and service industries, to name just a few of the categories it serves. "There may be factors that are specific to the business," McLaughlin said, "things change, markets change, it could seem as if the company is headed down one path but then it makes sense to speed up the timeframe or sell to an outside party. It depends on individual family dynamics and what the market will dictate. To the extent that the bank can play a role in the process, we step in and support," he said. There may be tax consequences, for example, he said, that can differ if a succession is handled one way as opposed to another. "We need to figure out what comes next for owners, how it fits with emotions that may be at play. It needs to be well executed as it can impact everything from dealing with taxes, employees, how owners are looking to derive income and more," said Bergstrom. Reliable, In Your Corner Webster Bank holds value for its business clients as a gateway to resources they can trust in these matters and more. The bank has ongoing, relied-upon community partnerships with both law and accounting firms. The bank can help link business owners with these specialists in their fields to weigh in on business-succession situations, ensuring all angles are considered, whether it's a specific area of bank expertise or not. "Other experts can come in and try to www.HartfordBusiness.com • November 5, 2018 • Hartford Business Journal 21 PHOTOS | GARY LEWIS Sponsored Content WEBSTER BANK INTELLIGENCE SERIES | Tim Bergstrom, regional president and head of business banking for Webster Bank, Connecticut | | Adam McLaughlin, Webster Bank, senior vice president, commercial banking | Continued > PHOTOS | GARY LEWIS