For many family-owned businesses, succession planning has traditionally meant passing the reins to the next generation. However, what happens when the kids have no interest in taking over the family business? This is a scenario many business owners face today,...
Business succession planning is a crucial process that ensures the smooth transfer of ownership and management responsibilities from one generation to the next. It helps maintain the continuity and stability of a company, safeguarding its long-term success. It is...
There are those who argue that a business should have a succession plan from the very first day that it exists. A new owner should include succession planning as part of the start-up process. They have to complete many other legally-related tasks, such as creating a...
Whether you founded a used part salvage lot or followed in your mother's footsteps and took over her orthodontist practice, you own a business that serves the local community. That business may represent the primary source of your personal income and also a large...
Businesses can fail at any time, but major transitions are when an organization will be particularly vulnerable. The departure of an executive, manager or owner due to death, health issues, criminal prosecution or retirement doesn't always mean that a business will go...
As a business owner who is making an estate plan, you probably know that your most valuable asset is your company. You still need to plan for the family home, your vacation cottage, your investment portfolio and everything else you own, but what you do with your...
If you have multiple children, one of the biggest business succession planning questions to ask is simple: Do you want to leave the business to all of the children equally, or are you going to pick one person to run it? If you do decide that it is best just to leave...
Your goal for your company is simple: You want to leave it to your children. You want it to remain a family-owned business. You’re not interested in selling it and putting the money into your estate plan. You want the children to keep running it, both because of your...
Life is unpredictable. It doesn't matter how old your company is; you must engage in succession planning. If you don't make plans now, then you could put your Colorado company's longevity at risk. What is business succession planning? Leaders should be...
Business owners often face a bit of a dilemma. They can’t imagine themselves no longer being involved in the company and are reticent to hand the reins to someone else. Still, they want to see their economic legacy continue long into the future, supporting generations...
