Business succession

Sound planning is critical to the successful transfer of a business.

 

The longevity of a family business depends on early and ongoing succession planning. Communicating the results of that planning to family members and other key stakeholders in a timely fashion increases the likelihood that the business and its value will endure well beyond the leadership transition.

Lack of a plan, on the other hand, can signal uncertainty in a still- uncertain market. So don't put off until tomorrow what you can do today — start your succession planning now, while there's still plenty of time.

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Sound planning is critical to the successful transfer of a business. It matters not only to the owner, but also to customers, suppliers and employees, to name just a few key stakeholders.

Lifecycle of a family business: Take time to map it out Lifecycle of a family business: Take time to map it out

Lifecycle of a family business: Take time to map it out

Successful transition almost always hinges on a well-considered, written plan that clearly specifies the disposition of ownership interests in the business. The earlier the owner develops the plan, the better.

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Put it in writing: It will make things easier in the long run Put it in writing: It will make things easier in the long run

Put it in writing: It will make things easier in the long run

A written plan should answer multiple questions regarding the transfer of business interests. Addressing these issues now and reconsidering them as circumstances change will substantially increase the likelihood of a successful transition.

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