When a crisis hits the need for succession planning is emphasized that much more. In our country’s current climate there are a lot of questions and concerns as to what the future holds. In a recent conversation with a franchise CPA with Citrin Cooperman and a franchise attorney with Einbinder and Dunn, we collectively talked about what the new normal looks like for multi-unit franchises during and post COVD-19.
We find that many franchise owners are still hesitant to invest in succession planning. However, it is the one thing that will ensure your vision, mission, goals and long-term financial needs are met, as you intend them to be.
So, even if you are not ready to retire, or are new to ownership, or maybe do not think you need to invest in more than estate planning, I recommend rethinking more broadly. Look at the environment we are in today and reflect on how rapid things are changing around us . Have you thought throw the variety of “What If” scenarios? Do you have confidence your family members are protected financially and otherwise should your ownership change in the business?
Click the following link to read more about the on the Multi Unit Franchising’s website titled: Unknowns Create Anxiety and Fear – Protect the Future of Your Franchise!
Read the article and then reach out us to get some insights on your own situation. A few moments with us will provide you insight and clarity for your next steps forward. Contact Us