Preserving a lifetime of hard work in an owner’s business and passing it along to the next generation is a difficult process. Studies show that 70 percent of businesses fail as they move from the first to the second generation of owners. This is because many business owners neglect to prepare for the eventual transfer of their business.
There is a direct correlation between a business owner’s personal financial preparation and the successful transition of their business (often their most valuable asset). The extent to which these complex issues are integrated heavily influences the likelihood of success. Building wealth outside of a family business is critical to any business succession strategy.
Business Succession Strategies
- Properly Structured and Funded Buy-Sell Agreements
- Management Succession and Retention of Key Employees
- Ownership Transfers
- Access to Business Valuation Services
The best time to plant a tree was 20 years ago. The second best time is now.