Posts Tagged ‘Succession Planning’
Succession Planning—It’s Not Just for Presidents
When President Joe Biden announced he was stepping down from running for re-election in the 2024 presidential campaign, a warning bell should have rung in the head of every small business owner. Although he soon announced his support for his vice president, Kamala Harris, to succeed him as nominee, her replacement was not guaranteed according…
Read MoreBrand Protection for Companies Considering Succession
There comes a time. Maybe you’ve simply grown tired of the grind. Or possibly you realize your company may never be worth more than it is now. Regardless, you’ve decided to consider selling your business. There are many professionals who can assist businesses that want to be acquired. I typically hear them say that it…
Read MoreWhy Many Owners Don’t Want Their Kids to Inherit the Company
Being a business owner is considered an “American Dream” by many, yet when it comes to succession planning, a recent survey reveals that not everyone feels the same way about passing the torch onto their children. Many owners don’t want their kids to inherit the family business. The survey was conducted by Versta Research on…
Read MoreA Story of Two Companies – Succession Planning Can Make the Difference
Over the years that I have advised and coached business owners, and there are two companies that highlight the importance of succession planning. The contrasts were stark and breathtaking: one had a plan and the other talked of having a plan. Back in 2012, when I was a Vistage Chair, two of the business owners…
Read MorePower of Attorney Can Help Secure Your Financial Future
Securing your financial future, whether during a period of ill health or at the end of your life, is absolutely essential. There are many ways that you can do so, and one such way is by implementing a durable power of attorney. A durable POA is a financial document used to secure your financial assets…
Read MoreHave You Given Enough Thought to Succession Planning?
If you run a business, then you’ve spent years – likely decades – carefully nurturing it through the many trials and tribulations that come with modern business. It is, quite literally, your life’s work, so naturally as you start to look towards retirement the question of what happens to the business once you’re travelling the…
Read More7 Ways to Create a Successful Family Succession Plan
When you run a family business, you may dream that one day your children will take over and run the company. However, nearly half of business owners over the age of 65 don’t have a transition plan in place, which could jeopardize plans to pass the business down to future generations. Lack of a formal…
Read MoreWhat Would Happen to the Business if You Die, Leave or Are Disabled?
Yes, we’re invincible when young When we are young and early in our business lives, we feel infallible to the degree that we do not think of what might happen if we die while in office or decide to leave the company for any reason. Such thoughts just do not occur to most of us…
Read MoreAsk These 5 Questions Before Selling Your Business
Ask any business owner or entrepreneur and they will tell you that the decision to sell a business is never an easy one. Every commercial enterprise is different and some can be intensely personal, long-term achievements, which can make the sale a deeply emotional and often stressful experience. It may not surprise you to hear…
Read MoreFranchise Succession Planning: What’s Your Exit Strategy?
Planning to exit a franchise system is just as important as choosing to be part of one. While passing down your business to a loved one can strengthen your relationship, it can also be a pretty complicated process. To make the process even more complex, most franchisors must approve your successor. William Slater Vincent, a…
Read More