Business Succession Plans

Business Succession Plans-26
We believe the true starting point should be your needs and those of your spouse.

We believe the true starting point should be your needs and those of your spouse.When you have a clear idea of what you want, then it makes sense to broaden the discussion out to include the desires of the rest of your family.

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Only when the family has developed a committed vision for its future in the business does it make sense to develop a strategic plan for the business to support the family’s goals. The owner’s vision The questions are deceptively simple but the underlying issues are many and complex.

Developing honest and realistic answers can take some doing.

There may be a different succession planning strategy if the owner died unexpectedly versus the owner deciding to retire.

The owner should consult with professionals in the field such as accountants and lawyers to fully explore all of the options available in transferring the business to another person or entity.

Leigh Anthony has provided ghostwritten content for a variety of small-business sites since 2004. Her areas of expertise include marketing, human resources, finance and leadership.

She holds a Master of Business Administration from the University of Georgia.

Succession planning is the process of pinpointing key needs for leadership and intellectual talent throughout the organization over time and preparing individuals for present and future work responsibilities.

In a family business succession planning involves: …each at the individual, family and business levels.

These steps might be better seen as points on a circle, each one connected to all of the others.

However, there is logic to the order of these seven steps.

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