3 Sets Of People Who Could Benefit From Your Succession Plan
Maybe you love your work so much that you can never imagine stopping. Unfortunately, life does not always go to plan. It can throw up surprises that force you to stop doing what you love, perhaps much sooner than you think. So, it is always best to put a succession...
3 Options When Creating a Business Succession Plan
Whether you are the sole owner or one of several with a stake in the business, chances are you have a lot on your plate. Owning and operating a successful company can keep you so busy that you fail to consider who will take over once you retire or pass away. Business...
When Should You Develop a Business Succession Plan?
If you have only recently started your business, you might think it is way too early to worry about a succession plan. However, it is never too early. Hopefully, you will not need someone else to take over the running of your business for years. Yet you cannot...
You Don’t Need to Pick a Specific Person for a Succession Plan
Just as there are countless reasons for an individual to indefinitely defer their personal estate planning, executives and managers can find innumerable reasons to delay succession planning for their role at a company. One of the more common reasons people provide...
What Makes a Good Business Succession Plan?
Succession planning is the process where the business identifies one or more potential successors for key roles within the organization, or when best-performing employees are placed in a succession pool for future leadership roles. In short, it’s designed to make sure...
Most Business Owners Don’t Have a Succession Plan
Family business owners often want to pass their businesses on to their children. That may have been their goal from the day they started, or it may have developed over time. They think of the business not only as a project that they took on, or a career that they...
Some Fundamentals of Business Succession Planning
Someday, you will be stepping down from the helm of your business or corporation and handing your duties over to someone else. Other key roles will have to be filled by the right people as well. That transfer of authority and leadership at the pinnacle and among the...
2 Costly Mistakes to Avoid in Family Business Succession Plans
Let’s face it, it takes a lot of hard work and dedication to build a successful business. Yet, the average family business has a lifespan of just less than 25 years. Most family-owned businesses fail after their founders’ death due to the lack of a formal succession...
The Value of Hawai’i Business Succession Planning
Like most entrepreneurs, you worked hard to create and grow your business to ensure it thrived. Successful business owners put in a lot of time, money and effort to establish the products or services that make them stand out from competitors. Such commitment and...
Tips for Smoothly Passing Your Business to Your Heirs
As you get ready to retire or as you craft an estate plan for when you pass away, you know that you want to leave your business to your heirs. You don’t want to sell to a third party, transfer ownership to your business partner or leave the money and assets to your...