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 [...]
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 [...]
A buy-sell agreement prevents things from becoming complicated when a co-owner of a business leaves and shouldn’t only cover planned exits. There are many scenarios in which things can go south between owners or an emergency arises. Numerous disasters can arise on the back end of a business partner leaving the business. Here are a [...]
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 [...]
No matter what the set up of the ownership of the business is, at some point it’s inevitable that an owner will leave. Retiring, changing careers, emergencies, or death, are all events to be prepared for. Having a plan ahead of time will keep operations running smoothly and keep every shareholder protected. A buy-sell agreement [...]
