Succession Planning for Family Owned Businesses

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Two of the best days of your life are when you start your business and when you sell it.
Too often owners focus on running a business but not on building value in a business. Succession planning is critical if you are to build value in your firm. If you have family members in your business, the proper succession plan can make it clear what role each family member plays and what is expected of each, and most importantly what will happen when you are no longer “The Boss”.

It is never too early to start succession planning. To build value in your business you have to control those things that bring a buyer to the table or make those working for you want to buy your business. If the foundation isn’t sound, then it doesn’t matter how much glitter your business has.

A good financial tracking system, well trained employees, job descriptions that define what is the responsibility and authority of each position, and if family members are involved what is their level of involvement in the firm.

Here is advice based on practical advice that has proven to very useful in developing and implementing a succession plan. It doesn’t matter what stage your business is in, if you don’t plan for succession you won’t achieve the success you deserve nor the rewards you want.

Language: English

Pages: 55

Format: Kindle Edition

Succession Planning for Family Owned Businesses

Jeff Lee

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Language: English

Pages: 55

Format: Kindle Edition

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Succession Planning for Family Owned Businesses

Succession Planning for Family Owned Businesses

Succession Planning for Family Owned Businesses

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