Small Business Succession Planning

Succession planning is more than creating a plan to transfer ownership.

Small business succession planning. Taking this first step is important because a business with a history of profitability is not only much easier to sell but it also makes it much easier for the buyer to obtain outside financing. By taking this training you are taking an important step to building a better business. Many companies are very concerned about succession planning or not having a strong bench of talent in the company.

For private owner-managed or family-owned businesses a solid succession plan can drive the growth of the. At a minimum a business succession plan should address the systematic transfer of the management and ownership of a business. Proper business succession planning requires careful preparation.

Whether your transition will happen in a few years or a few decades from now your business deserves to have a succession strategy in place today. So how do we go about the process of succession planning. In fact 58 of small business owners have no succession plan.

Speak to a business and commercial law attorney to learn how you can utilize succession planning tools and options. Because a small business owner often built their company from the ground up it can be hard for him or her to discuss succession. Whether youre thinking about the future management of your business how ownership is going to be passed along or taxes you wont be able to help thinking about how your decisions will affect your family.

This guide accompanies the Selling a Small Business and Succession Planning for a Small Business PowerPoint Presentation. Welcome Welcome to the Selling a Small Business and Succession Planning for a Small Businessmodule. Small business succession planning involves identifying talented employees who can fill more responsible positions whenever those in management leave move to another role or get promoted.

Business owners seeking a smooth and equitable transition of their interests should seek a competent experienced advisor to assist. An Owners Guide to Business Succession Planningis designed to assist owners of small and medium- sized businesses as they begin to plan for ownership and management succession. Business reduce taxes and set the stage for retirement.