Succession Misconceptions

5 Succession Misconceptions & How They Impact Business Value – #5 A Succession Plan Isn’t Needed if I plan to Sell

2019-11-15T12:25:46-06:00By |Categories: Succession Blog, Succession Misconceptions|Tags: , , , , , , , , , , , , , , , , , , , , , |

Misconception #5 - A Succession Plan Isn't Needed If I Plan to Sell A common misconception is the thought that plans to sell your business negate the need for succession planning. Unfortunately, this thought process couldn't be more wrong, and has a direct impact on the amount of cash you’ll have in your pocket [...]

5 Succession Misconceptions & How They Impact Business Value – #4 I’m Too Young to Think About Succession Planning

2019-11-15T12:23:39-06:00By |Categories: Succession Blog, Succession Misconceptions|Tags: , , , , , , , , , , , , , , , , , , , , , |

Misconception #4 - I'm Too Young to Think About Succession Planning Translation: “I am bulletproof and have no intention of dying prematurely; I am not interested in enhancing business productivity, profitability and teamwork; the business is all about me; and I am not interested in protecting the value of my business and the welfare [...]

5 Succession Misconceptions & How They Impact Business Value – #3 Succession Planning and Business Growth Aren’t Related

2019-11-15T12:20:00-06:00By |Categories: Succession Blog, Succession Misconceptions|Tags: , , , , , , , , , , , , , , , , , , , , , |

Misconception #3 - Succession Planning and Business Growth Aren't Related Succession planning is not about you leaving the business; it’s about building a foundation of success today that will set the course for future generations. Your organization may be in 'growth mode' so you’ve put succession planning on the back burner. But growth without [...]

5 Succession Misconceptions & How They Impact Business Value – #2 Succession Means Retirement Planning

2019-11-26T13:39:31-06:00By |Categories: Succession Blog, Succession Misconceptions|Tags: , , , , , , , , , , , , , , , , , , , , , |

Misconception #2 – Succession Planning Means Retirement Planning Succession planning often fuels a myriad of emotions. “No one is gonna push me out!” “Succession, that’s all about retirement, and I’m not going anywhere anytime soon!” “I like control; I’m not giving it up!” While all of these are valid emotions [...]

5 Succession Misconceptions & How They Impact Business Value – #1 I’m All Taken Care Of

2019-11-26T13:38:36-06:00By |Categories: Succession Blog, Succession Misconceptions|Tags: , , , , , , , , , , , , , , , , , , , , , |

Misconception # 1- “I’m All Taken Care Of “I have it all done.” “My estate and exit strategy are in order.” “My attorney and CPA have me covered.” These are beliefs are commonly expressed by many business owners. While there may be confidence and truth behind these statements, what the [...]