Posts Tagged ‘succession plan’

When Should You Start Thinking About Succession Planning?

Monday, February 10th, 2014

You’re busy serving customers. Managing employees. Overseeing the day-to-day operations of your business. Stepping down as the head of your company may not be on your radar, but sooner or later you’ll need to think about what will happen to your business once you’re out of the picture. We recommend that business owners start thinking about their business succession plan at least five years before planning to implement it.  (more…)

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Did You Know That Treating Your Business like an Investment Can Lead to Wealth?

Wednesday, June 19th, 2013

If you’re a business owner, did you know that you can significantly increase your net wealth by simply changing the way you look at your business? (more…)

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How Do You Choose a Business Exit Strategy?

Thursday, January 17th, 2013

Exit strategies are the options that you have to leave your business.  There are only a few exit strategies that Ohio business owners can choose from and each will provide you with a different level of proceeds when you leave. All strategies will require planning and time to implement.

It’s never too soon to start planning your exit. You will eventually leave your business, and it’s better to do so before a life-changing event forces you out. The sooner you plan, the more options you will have. (more…)

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How Do You Build a Strong Not-for-Profit Board?

Wednesday, August 22nd, 2012

Not-for-profit organizations need strong active engaged boards for long term success. Success can be defined as continually achieving/reaching the potential of the organization. Success can also be defined as continued existence and continuing to providing services. All things change; economy, funding, services needed, staffing, technology – it is reasonable to expect and/or demand that boards also change. (more…)

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What’s Your “Get Out of Business” Plan?

Friday, May 18th, 2012

You’ve worked hard to build your business and probably can’t imagine a time when it won’t be a major part of your life.  But, someday, you’ll approach retirement and you’ll want to spend more time enjoying your life and less time balancing your books.

Maybe you’ll want to leave your business to your daughter.  Maybe you’ll want to sell it and cash out.  Either way, business transition doesn’t just happen.  It isn’t serendipitous.  You need a “get out of business” or succession plan. (more…)

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How do you create a succession plan?

Wednesday, April 18th, 2012

One measure of great business leaders is that their businesses continue to thrive once they leave their positions.  Visionary leaders captain the ship today while making plans for someone else to take the helm tomorrow.  Proactive succession planning allows businesses to continue their smooth sailing long after the captain abandons ship. (more…)

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How can you protect your family business?

Tuesday, March 13th, 2012

Did you know that research shows that young men and women today will likely have more spouses than children? Unfortunately, that could have a huge impact on your family business. (more…)

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How Does Communication, Timing Impact My Business Succession Plan?

Monday, December 13th, 2010

Over the past few weeks, we have discussed steps to follow when you develop a succession plan for your business. First, we made the decision to do a succession plan. We looked at the value of the business. We explored all of the options for transition. And we determined your personal and professional goals and those of your family and key personnel. Now it’s time to set a course of action. (more…)

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Succession Planning: Do You Know Your Options?

Monday, November 15th, 2010

Are you actively planning a transition for the business you worked so hard to build? The majority of North American businesses are family-owned, yet just about 30 percent make it to the second generation. Even fewer reach the third generation. As more and more business owners prepare to retire, more and more businesses will face the issue of succession – whether they are prepared or not. This article discusses the third in a series of tips to help family-owned businesses begin the succession planning process. (more…)

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How ready are you to transition your business?

Wednesday, October 13th, 2010

Step 1 – Making the Decision

How will you transition your business to the next generation when it’s time to leave? If you are like more than 70 percent of family business owners, you’ve put off making this important decision. And without preparation, most family-owned businesses are not successful in making the ownership change when the time comes. This post is the first of six tips we will provide to help family-owned businesses begin the succession planning process. (more…)

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