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 [...]
We never want to consider the loss of a family member, much less anything happening to us as a business owner. Unfortunately, when the unexpected happens, and the proper planning has not been done, the family and the business are left scrambling. Even though everything may seem like it’s going well now, it’s imperative [...]
Succession planning covers a broad range of subjects which may be broadly categorized by legal, financial, and people. Each of these many facets of succession are intimately woven together, interdependent upon each other's outcome. Each of these can be broken down into 10 interdependent subsets. Based on your unique business scenario and your perspective [...]
We often hear the term 'planning with the end in mind' yet in business, we rarely know what 'the end' really means. Since most business owners do not know if or when they want to cut back or exit, they never start planning for that event. Planning for your exit and/or succession will help [...]
Business owners spend a great deal of time and money developing an estate plan in an effort to protect their family and business. Intentions are good with clients but there is often a lack of understanding regarding the potential downside of their decisions that may have been done without the advice of experts. Click [...]
In “Consider the Unknown and Have A Plan for The Future”, Kendall Rawls shares that succession planning isn’t instinctively associated with growth. Rather, it is associated more closely with planning for an end. It is easy to back-burner conversations and planning around succession because to be quite frank, it has received a bad rap. [...]
The majority of owner’s we interact with are in what Jeff Bannon refers to in this article as “Succession Limbo.” The most common reasons we see owner's "stuck" is either fear of making a poor decision or lack of clarity on planning options available to them. To provide a way out of succession limbo [...]
Franchisors are deeply concerned about franchisee’s lack of clarity of a succession plan and preparedness to execute one. To motivate franchisees and to protect their brand, some more seasoned franchisors have created requirements for franchisees to identify their successors who must be formally approved prior to any transition of ownership or executive management. Failure [...]
As an entrepreneur, it is exciting and easy to look forward and dream about building your business. For multi-franchisee owners, this includes building and implementing a strategy to open more stores and/or diversify your brand portfolio. Rarely are the impacts of the "unknown" considered while dreaming big about growth and the future. More so, [...]
Looking forward is easy to do, especially when you’re dreaming of the next step in ramping up your auto dealership business. To many owners, the idea of succession planning reflects the end since it’s a strategy for a buy-sell, exit, retirement, taxes and what happens to the estate after death. In fact, it should [...]
