Recently in Succession Planning Category

May 10, 2013

Business Succession Planning

Business owners who fail to engage in business succession could find themselves in a dire situation if emergencies arise. This strategy is especially important to sole proprietors and small business owners because it authorizes a person to take control and keep the company afloat.

Setting up a business succession plan isn't difficult, but does necessitate making smart decisions. The type of plan that is put into place depends upon certain factors such as choosing a successor and determining the company's value.

Every major corporation has contingency plans in place to ensure operations can continue regardless of what happens. Just as CEOs designate key personnel to assume their duties, small business owners ought to do the same.

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April 11, 2013

Strategic Planning

People who engage in strategic planning put together a portfolio of services that protect assets and transfer wealth at the end of life. Taking time to plan ahead can reduce estate taxes and ensure heirs receive inheritance without having to endure probate.

If you're like most, you feel overwhelmed by the task of strategic income planning. While it does require effort, the process can be simplified by working with an estate planning law firm, such as Craton and Switzer.

Experts can explain the pros and cons of available strategies; prepare legal documents; and walk you through the entire process. Strategic planning generally involves developing retirement plans and estate planning services to protect personal and business assets.

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November 08, 2012

Succession Planning

Every business owner should engage in succession planning and prepare for the future of their company. This strategy is needed to identify key personnel who will take over at a later time and ensure the company continues to grow when senior management retires or moves on.

Owners who engage in succession planning have a much better grasp on the overall strategies needed to take the company to the next level. Determining key personnel and the positions they qualify for in the future helps guide the entity in the right direction.

There are a variety of approaches that can be used to prepare a plan. Much depends on the type of business involved and the long term goals. It is advisable to work with a business law attorney. Experts can help owners implement succession plans and identify each key position and personnel to fill positions as they open up.

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