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 […]
Succession Planning
7 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 […]
What 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 […]
Ask 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 […]
Franchise 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 […]
