One of the greatest challenges facing a family business is properly planning for business succession. Business owners may be too busy dealing with everyday needs to consider the tough issues of succession planning, such as:
The list of issues that business owners should consider is lengthy and the ability of a business to recover from an event is directly related to the degree of planning that has taken place before the event occurred.
A business continuity plan is your company’s safety net and could make the difference between the business' survival or failure.
Business owners may wonder why it is important to know the fair market value of their business. Simply put, personal estate planning and business planning are intertwined to the point where estate planning cannot be correctly done without knowing the value of the largest potential asset of the business owner.
All too often, business owners rely on an “understanding” with other owners, key employees, and family members to facilitate the succession of their business. Unfortunately, these “understandings” have the potential to turn into “misunderstandings” when the owner dies.
Your business is only as strong as its employees. Employees contribute to management, have a significant impact on sales, and may have a special rapport with customers or creditors. In short, your employees are an integral part of the success of your business.