Successful business succession planning is an essential part of ensuring the long-term success of any business. It's important to take the time to make well-informed decisions when it comes to your succession plan. A successful business succession plan includes identifying and preparing a successor to take over the leadership of the company when the [...]
Minimizing conflict when exiting a business is always the main goal of an exit strategy. From choosing the right successor, to avoiding other challenges that come with succession planning, minimizing conflict goes hand in hand with an effective plan. Learn how to keep your business running smoothly, even after you're gone. Even if you [...]
How to choose the right successor for your business means having the right process and plan for your business. You don't typically go into business considering how you'll exit that business, but starting your succession plan early can help you with the best plan for how to choose a business successor. Giving yourself time [...]
Challenges of business succession planning shouldn't keep you from having a plan for your business. A bad business succession plan is a plan that fails to effectively transfer ownership or management of a business from one generation to the next. Business succession planning is crucial for the long-term success of a company, as it [...]
Selling a family business isn't always an easy process... You've worked hard to build your business, or to keep the family business you've been handed going, but what happens when it's time for the next generation to take over? A family business, no matter how long it's been in the family, has sentimental value [...]
New year means new employment laws for 2023! If you are a business owner, now is the time to take a look at the new laws that went into effect at the beginning of the year. Here is a quick rundown of the laws you should know. Minimum Wage Minimum wage in Illinois has [...]
It seems that small businesses are always hit first and hardest during tough economic times. With rising prices, interest rates, and increasing supply chain shortages, it can be hard to stay confident in how we run our businesses. So, as an increase in inflation puts pressure on demand for our products and services, how [...]
Everyone is open to potential lawsuits, but licensed professionals and business owners are even more at risk. Doctors, dentists, veterinarians, small business owners, and even attorneys themselves, have a higher risk of being sued and need more extensive estate planning to protect all they’ve worked for. So while it’s important for everyone to have an [...]
Working remotely has become the norm as we have been navigating the COVID-19 pandemic. While some employees are returning to the office as restrictions are lifting, others consider working remotely to be their new norm. If you are managing a remote team, you may be finding it's difficult to connect as the in person interactions [...]
All of your hard work building your business may someday lead to the question- how do I sell my business? Maybe you’re nowhere near thinking about exiting from your business, but planning ahead and knowing your options for selling your business only gives you more time to make sure you get what you’re worth. Whether [...]
