Posts Tagged ‘Succession’
Handing Off the Reins: 6 Steps to a Viable Succession Plan
When should you create a succession plan for your business? There’s no time like the present. That may not be the answer you were looking for. In fact, many smaller businesses and partnerships don’t consider the importance of succession planning until a senior-level partner or owner becomes incapacitated, or until a partnership dissolves. Business-changing events…
Read MoreCorporate Separations Under §355
In any successful family business there will likely come a time when descendants will want to take over the business from the older generation of owners. Usually, this will require that entities will need to be split into different business entities to accommodate both differences between the descendants (perhaps the descendants can’t cooperate with each…
Read MoreMolding the Next Generation: More Than a Third of Business Owners Lack a Retirement Plan
Retirement is a subject many small business owners either deliberately shelve or shy away from taking any meaningful action. Research conducted by online resource center Manta indicated that 34% of nearly 2000 small business owners surveyed do not have a retirement plan. Of this group, another 36% said that they would still seek other job…
Read MoreA Digital Estate Planning Guide for Small Business Owners
Do you ever stop at some point in your life and wonder what would become of your properties in the unfortunate incident of your death? It is a picture that is hard to fathom. Luckily, through will and estate planning, you can now allocate who gets what and when. The biggest asset for most small…
Read MoreNationwide Study Reveals Troubling Small Business Statistics
Looks like a disaster waiting to happen… We all know that common expression and it perfectly reflects my thoughts when I was recently reviewing the results of Nationwide’s 2017 Business Owners Attitudes and Usage Study. Here are the key findings that I found rather scary: Only 20 percent of business owners have built a disaster…
Read MoreSecrets of Succession Planning for Successful Business Owners
It’s the one part of running a business that no one ever wants to talk about. Succession planning is the process of drawing up a contract that outlines who will take charge of your business if you are incapacitated or pass away. While many people wrongly assume that their business will go on as normal…
Read MoreBranding as a Catalyst for Succession Financing
As your brand moves into the next phase of its existence, the prospect of succession comes into play. When you’re prepared to retire, what will the future hold for the fine company you’ve built over the years? If you have children, have any of them shown any interest in taking over? Can they afford it?…
Read MoreHow Life Insurance Can Protect Your Business
As an entrepreneur, you’ve spent years of your life building a name for yourself by opening your own business. But what happens when you’re gone? Without a plan in place, there’s nothing to protect your business from going under. Just like traditional life insurance, business life insurance protects your business in the event of your…
Read MoreDo You Have a Plan for Your Small Business Future?
Why Your Company Needs a Buy-Sell Agreement
