Unknowns Create Anxiety & Fear: Protect the Future of Your Franchise
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 rapidly things are changing around us. Have you thought through 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?
Read the article and then reach out to 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
The Succession Planning Matrix
Want to have control over the future of your business? The best way to do just that is by having a plan. Our approach in considering the 10 key areas of the Succession Matrix simplifies a complex planning environment. Click the following link for more drill down resources on The Succession Matrix