What Mark Zuckerberg Can Teach About Business Succession Planning

June 1, 2016

The business succession planning strategy of Mark Zuckerberg could have important ramifications for individuals who are approaching retirement and thinking about whether or not it is time to move on. business succession planning NJ

For example, Sumner Redstone, a multi-billionaire, is currently locked in an argument with trustees and his family over the control of his companies, Viacom and CBS. One of the key takeaways that Sumner and other individuals approaching retirement without a business succession plan can learn from Mark Zuckerberg is that there are key generational differences in the way that entrepreneurs build their companies.

In all situations, it’s in your best interests to avoid winding up in Redstone’s situation. You might assume that exiting the business is so far in the future that you don’t need to worry about it, but this is a mistake. In fact, there are many reasons that you may wish to exit or sell the business outside of death of an owner, and planning ahead for these can make for a smoother transition when the time comes.

A new survey from U.S. Trust found that younger business owners are planning to exit their companies and raising money in ways that are quite different from older generations even though many of their key concerns about eliminating or moving on from their role in the business are the same across generations. The younger generation deals with succession planning in very different ways.

Although two-thirds of current business owners do not have a formal exit strategy, and for the baby boomer population only 52% of younger business owners do not have an exit strategy in place. To learn more about how a business succession plan can help you accomplish goals for your company as well as determine when it time to move on in the future, consult with a New Jersey business succession planning attorney today.

 


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Common Pitfalls After Unexpected Wealth—and How to Avoid Them

Discover the most frequent mistakes windfall recipients make—overspending, poor tax planning, emotional missteps—and learn how high‑net‑worth individuals can avoid them. A large, unexpected sum of money can feel like unlimited possibility. ...

<p>The post Common Pitfalls After Unexpected Wealth—and How to Avoid Them first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

How the New SALT Deduction Cap Could Trigger a Hidden Tax Spike—and How to Avoid It

Learn how the new SALT deduction cap in the One Big Beautiful Bill may create a tax torpedo for high-income earners—and what strategic planning can help you avoid it. How the New SALT Deduction Cap Could Trigger a Hidden Tax Spike—and How to Avoid It The recently proposed One Big Beautiful Bill (OBBBA) introduces sweeping tax changes—none more significant ...

<p>The post How the New SALT Deduction Cap Could Trigger a Hidden Tax Spike—and How to Avoid It first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

New York & New Jersey Retirement Plan Mandates: What Business Owners Need to Know in 2025

Why This Matters Now If you own a small to mid-size business in New York or New Jersey, there’s an important compliance issue you can’t afford ...

<p>The post New York & New Jersey Retirement Plan Mandates: What Business Owners Need to Know in 2025 first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>