When confronted with what to do for business succession planning, a business owner might consider multiple options including passing the business on to other family members, selling the business to stakeholders currently working in the business or even selling the business to an outside individual. Scenarios such as sudden disability or death of a business owner can present serious challenges for a sole practitioner.
Despite these potential challenges, the reality is that too little succession planning is done. Less than one third of businesses actually pass to the next generation and less than 30% of those go on to pass to the third generation. If no grooming of a successor has happened yet, selling the business may be the best choice. This involves careful analysis of the uniqueness of the company, the local market, and potential profitability.
November 11, 2015 |
When confronted with what to do for business succession planning, a business owner might consider multiple options including passing the business on to other family ...
Learn MoreNovember 10, 2015 |
First defined in 1968, ageism refers to the systematic stereotyping of and discrimination against individuals as a result of their age. Social scientists argue that ...
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Recently European succession regulation went into effect for all members of the European Union except Denmark, the United Kingdom and Ireland. One important regulation for those ...
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A second marriage can raise many questions about who gets what, whether these people should get property, and will feelings be hurt? Each spouse should ...
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Knowing what you need is simply the first step in estate planning. Most people will use a power of attorney, a will and a healthcare ...
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Planning for your later life and how you’ll use your assets to support your retirement might involve a Continuing Care Retirement Community. This rides the spectrum ...
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It’s very likely that a business could turn out to be the largest asset held within a family. But fairness of how to deal with ...
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When a last will and testament is created, an executor begins to play an important role in carrying them out. During and after probate, an ...
Learn MoreOctober 30, 2015 |
Appointing a trustee is an important evaluation that should involve careful consideration of a person’s ability to help serve in this role. If a trustee ...
Learn MoreOctober 29, 2015 |
Keeping a family together requires talking and planning, and this is also essential when putting together your goals for your estate. In this process you ...
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