Succession Planning for Family-Owned Businesses
Of the nearly 19 million
What you can do with Succession Planning
Think about the future and who will run your business when you retire or are no longer able to run the business yourself. If you own a family business and want to pass on the business to family members when you retire, it is important for you to develop a thoughtful succession plan. You will need to consider who is going to manage the business when you no longer work in the business and how ownership will be transferred.
You can get some ideas about family dynamics and how they might play a role in your succession plans. Who might have the personality and characteristics that are needed for the business to be successful? You may need time to develop those skills or abilities if they do not exist.
Questions need to be answered to make the transition work. What is the time frame for the owner to step down? How much will the owner need to be able to retire? What is the value of the business?
If the value of the company will not support the financial needs of the owner, can the business improve its earnings enough to demand a higher price? How will your retirement funds be paid? How do you deal with family members that are not involved in the business?
Ready for help?
Register as a client on our website if:
- You have not registered at our website before.
Directly contact the Succession Planning specialist below if:
- You have registered at our website before and need Succession Plan assistance only.
- You are unsure if you have registered at our website before.
Succession Plan Consulting:
300 South Wolcott,