Succession Planning

Business Succession Planning is about exit strategy

Business Succession Planning Services

As a business owner or manager, your main focus is on guiding the day-to-day and long-term success of the business. But does that include succession planning?

It should – because planning for what will happen when you leave the business is critical to making sure your business is positioned properly and you are financially prepared.

Planning for business transition can be challenging. But if it is handled properly, both the process and outcome can be rewarding.

Succession Options

One of the greatest concerns facing business owners is how to establish and develop a plan that will ensure your business continues to enjoy the kind of success it has had under your management, or knowing when to wind it down. Since there are many options for succession, you may need help deciding which ones best meet your long-term objectives.

For example: Do you wish to develop a plan that transfers your business to the next generation? Or, do you want to sell the business? If you plan to sell your business, do you want to sell it to key people inside the business, or to outsiders? What if it is a business that you cannot sell, what is the best way to wind it down?

Preparing for Succession

All the above questions need to be answered from the perspective of what do you and your family want, after transition. What vision do you have for the long-term future of your business? How much time do you have to achieve this vision? How prepared are you and your business for this transition?

Planning for succession involves not just long-term business and personal goals, but should also include goals for protecting your assets, minimizing taxes and building financial wealth for your estate.

Beginning with the end in mind

Every successful business transition plan begins with determining the objectives of the owners. Once you establish those, you can knowledgeably create an effective strategy for your succession plan.

Succession planning is not a plan that sits on a shelf and implements itself; it is a process that works continuously in combination with the day-to-day goals of the business.

If you begin with the end in mind this will help guide you in making decisions to get there.

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