http://www.empowertosucceed.org/business-succession-planning/
Planning For Business Continuity
You may have been thinking about how to be able to transfer your business. This is where adequate business succession planning comes in, and though it may look complicated, this is something that can be done in a very efficient way. Whether you’re planning to turn the business over in six months or six years, having this plan in place is key to making sure everything happens in an orderly way.
Consider how you handle other issues- for weight loss and fitness, you have a personal trainer. For tax preparation and guidance, you have a Certified Public Accountant. Preparation in any case is an important factor in success.
So, it only makes sense that you would want someone on your side when it comes down to making sure that the transfer goes as smoothly as possible. There are a variety of ways to do this, but asking yourself and those involved some questions about your existing set up can help.
It does not matter if your business is a large scale retailer, or even just an internet business income. You can benefit from having something set up in case of a need to transfer. The consequences of not doing so may be worse than you imagine- from tax issues to debt, perhaps even the business closing down. Taxes, especially estate taxes are the cause of many businesses closing their doors.
It is not a great deal of effort to set up a good plan, especially when you consider how much headache this can save. Being able to know that you have enough money to keep the business afloat in case of emergency such as the death of an owner, that there is a way to manage the taxes- these things all have solutions. Annuities, disability insurance, and life insurance may be a start.
Other factors involve trust- will the clients or customers that have been built up over the years remain, or is there an alternative, just in case they do not? Partnerships may also require a buy out option, is that in place? There are many factors to consider long before a business transfer takes place, and already knowing exactly what can happen, what will happen and what needs to happen is best.
If you cannot already answer all of these questions, you may have to sit down and work on a proper tactic to ensure the survival of your business. Being able to transfer things over in the event of an owner’s death or for other reasons just may save not only hassle, but the business itself.
|
|
Wills, Trusts, and Estates, Eighth Edition $85.00 Wills, Trusts, and Estates, Eighth Edition [Hardcover]Jesse Dukeminier (Author) Robert H. Sitkoff (Author), James Lindgren (Author)… |
|
|
The Leadership Pipeline: How to Build the Leadership Powered Company (J-B US non-Franchise Leadership) $16.84 For every organization that’s ever reached beyond its own borders for top leadership only to have those high-profile, high-salary top leaders bungle and exit as abruptly as they appeared, this smart, substantive, and clear-eyed book is a godsend. Written by three genuine experts in management development (one of them helped design GE’s deservedly famous succession-development process), The Le… |
|
|
FYI: For Your Improvement, A Development and Coaching Guide (3rd Edition) $39.00 Editorial Reviews Product Description A development and coaching guide for learners, supervisors, managers, mentors and feedback givers. Development views and news you can use from the people who know… |
