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What is in Succession Planning for Me, Beyond a Distraction and Bills?

What's in Succession Planning for Me?

Some things are more obvious than others. However, occasionally I am asked “why should I do succession planning?” My response is that succession is not a natural progression of an enterprise. You have a right not to care but if you don’t care, your employees, bank, strategic partners, and community who love you are going to resent you.

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Have You Thought Through Your Exit Strategy

In my experience as a succession planner I have encountered several business owners who have expressed a desire to transition their business to either family members or entrepreneurial key managers. Many of them believe they are ready to turn over the reins but all too often they have not considered all of the implications and the vast majority have done very little to facilitate an exit strategy for various reasons.

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The 10 Commandments for Integrating Family Member Employees Into Your Business

The Biblical assertion” to whom much is given, much is required” certainly applies to family member employees. Although the doorway to a career may be open and inviting, the pathway of family member employees has many challenges. No doubt, earning respect is a formidable task. As previously discussed, many of these challenges are good as they separate the pretenders from contenders. However, family member employees do not need handicaps. There is no reason to add unnecessary frustration, stress and humiliation to the inherently bumpy road that they must endure to achieve the training and experience needed to become a successor.  

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Do I Need a Succession Plan If I'm Going to Sell the Business?

Some would say “No.” And they might be right. However, I would encourage them to talk with Jay (not his real name) before they make a final decision.

We had been talking with Jay for several months about why a succession plan would be important to him. “My children have no interest in the business,” he told us. And, since he had no brothers, sisters, or other generational family members involved or interested in the business, he could see no practical value in moving ahead with our recommendations regarding succession planning. 

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5 Problems and Solutions in Estate Planning Trusts

Estate planning is an integral part of business succession planning. I am commonly asked what are the most common problems encountered in estate planning trusts.  There are so many problems with trust administration it is difficult to find a place to start or where to stop.  For lack of a better plan, let’s consider what I have found to be the top five trust administration problems:

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