Succession

 

Awesome 8

Whether you plan to sell or transfer to another generation, a transition plan is critical to maximize the net proceeds from your most valuable asset.

Succession will be seamless for planned and unplanned exits. It involves forming a complete understanding of your wants, needs and expectations, as well as those of your fellow business owners and family members. It also includes integrating input from multiple advisors such as your accountant, attorney, insurance broker, and financial planner.

 

Is this your problem area?

Indicators this may be a problem area for you:

  • All major decisions for the business still go through you
  • When succession comes to mind, you decide to think about it later
  • Only some business agreements are in place or updated
  • You presume family members will take over the business

 

 

Choose another Awesome 8 element to explore

Active Management Systems Cash Flow Profit Improvement Execution
Tax Minimization Wealth Protection Succession Retirement
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