When it comes to business succession planning, it’s important to get started well in advance. This isn’t something you want to put off until you’re about to retire. Whether you’re leaving the company to an employee, an adult descendant or someone else entirely, you...
If you are going to be passing a family business on to the next generation, it’s important to do succession planning. Don’t just leave this up to chance. Take the time to carefully plan how you want to transfer ownership of your business, increasing the odds that...
A generation or two ago, when a business owner passed away, their heirs typically took over the company (for better or worse). And while it’s true that sometimes those scenarios still take place, many of today’s heirs have little interest in assuming the mantle of the...
Recently, we discussed some potential obstacles to consider when business succession planning involves family. Here, we’ll look at a couple of other issues to consider. Leaving the business to one or more people in the family has its advantages. One benefit is that...
Business succession planning is a lot like estate planning. The two are related in that you can address both issues at the same time and under the guidance of the same representative. Many business owners try to create a succession plan alone or delegate the task to...
You may have started your company with the vision of passing it on to your family members. Perhaps you even inherited the business from a family member yourself. In any case, passing the business on to future generations is possible, but it can be challenging....
Family limited partnership sounds like one of those dry, financial terms that make you think of dusty ledgers and boardroom tables. In reality, it’s a handy tool for families looking to keep their business and assets intact across generations, while steering clear of...
As a business owner who is doing your succession planning, you may be thinking of leaving your company to all of your adult children. You think of your business as a legacy, and it also provides a significant amount of income. You want to pass the business to all of...
When someone owns a small business, they tend to serve as the heartbeat of their operations. They likely invest so much of their time and effort into the enterprise that it can be truly difficult for others to think of that endeavor carrying on without them. Yet, as...
While they may sound like completely different strategies for how you’ll deal with your business once you’re no longer in a position to run it, they’re not as separate as you’d imagine. They both put into action a plan for how you’ll move your business to someone...