Every business owner reaches a point where they need to consider the future of their company beyond their leadership. Whether preparing for retirement, moving on to new ventures, or simply wanting to ensure the business continues to thrive, having an exit strategy is essential.
While some owners choose to...
For many business owners, keeping the company within the family is the ideal succession plan. However, not all family businesses have the next generation ready—or willing—to take over. When internal succession isn’t an option, owners must explore alternative strategies to ensure the business continues to thrive.
One option...
Succession planning is crucial for business owners who wish to transfer their company to someone else. Whether you plan to keep the business in the family, promote from within, or sell to a third party, a comprehensive business succession plan will make the transition smoother and more profitable.
Having a succession plan in place is a critical part of ensuring your business will continue after you step down from running it. The first step in the succession planning process should involve determining your business’s fair market value.
Understanding Business Valuation in Succession Planning