implement a successful succession plan
The future is uncertain, and unfortunately, the economy can change in an instant. That's why securing a succession plan is now more necessary than ever, as business owners need to be prepared for the unexpected and able to adapt quickly when faced with new challenges. We've compiled a list of valuable resources that will help ensure a smooth transition of your business for continued growth and success.
Step-by-Step Guide Download
From Talent to Operations: 10 Steps to Create an Effective Succession Plan
Whether you are a first-time business owner or an experienced entrepreneur, we understand the importance of being prepared with a succession plan in place.
We simplified the process with our easy step-by-step guide to help secure a viable succession plan for the successful transition of your business.
Check Out Our 10 Simple Steps
Guide to Succession Planning: How to Start a Succession Plan For Your Business
Succession planning is one of the most important things you can do to ensure that your business survives and thrives in the future. It enables you to extend your vision for the company beyond your direct involvement and keeps family members or current employees with key roles, who may one day own it, excited and engaged in its success.
Private Equity and Strategic Buyers Turn Business Exit into Opportunity
Business owners may have goals for their companies that outlive their ownership, and the right type of buyer can enable a seller to transform a business exit into a springboard that boosts the company to its next growth plateau.
Is an ESOP a Smart Decision for Your Business?
An Employee Stock Ownership Plan (ESOP) is an employee benefit plan that offers advantages to business owners and employees. A 2000 Rutgers University study found that ESOP companies grow 2.4% faster after setting up an ESOP than would have been expected without it, according to the National Center for Employee Ownership.
Succession Planning: Timing Is Everything
Whether you are relatively young and own a startup, or your company is more mature, identifying your exit timeline and preferred methods of succession will help you home in on strategies to make your business as attractive as possible to likely buyers.
Seven Tips for Passing on the Family Business
In a family business, bringing up the next generation of leaders can be a difficult and politically-charged endeavor. So it’s crucial to get it right if you want your business to survive and grow successfully.
Family Business Succession Planning: Integrating Estate Planning into the Mix
According to Family Enterprise USA, 87 percent of businesses in the United States are family-owned. If you own a family business, one important issue to address is how to best weave together your succession plan with your estate plan.
Keep Your Non-Profit Afloat with a Leadership Succession Plan
According to the Leading with Intent Study by BoardSource, only 34% of nonprofits currently have developed succession plans. Fortunately, creating a succession plan isn’t as difficult as you might think. There are several points for you and your board to keep in mind as you establish policies for replacing leaders.
Could a Family Limited Partnership Fit Into Your Succession Plan?
From a tax perspective, the optimal time to start succession planning is long before the owner is ready to give up control. A family limited partnership (FLP) can help you enjoy the tax benefits of gradually transferring ownership while you continue to run the business.
Episode 17: Dar-Tech, Inc: Establishing Continuity from One Generation to the Next
On our latest podcast episode, Brett Walburn, president of Dar-Tech, Inc., shares how his company has weathered over 7 decades of economic swings. Founded in 1951, the company is now under the leadership of a third generation.
Episode 8: Next Generation of Leadership: Tips to Get Started
In November of 2020, Barnes Wendling Director Mike Pappas discussed transitioning your business to the next generation in this podcast episode. He provided valuable tips while sharing experiences with his clients on this crucial transition.
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