Kajko, Weisman & Colasanti, LLP

business succession Archives

Train a business successor before handing over the company

Once people choose a business successor for their Massachusetts company, they may think their business succession plan is complete. However, it is also important to make sure this successor will be ready to do the job. It is a good idea for business leaders to train their successor before this person takes over the company.

Elements in creating a solid business succession plan

Most business owners in Massachusetts not only want their companies to thrive while they are in control, they also want their hard work to continue to benefit their families and employees after they are retired or pass away. For these reasons and numerous others, savvy business owners establish succession plans.

Creating a business succession plan for your family's sake

Few people see confronting their mortality as a pleasant prospect. For this reason, many put off writing their wills and other essential elements of estate planning. For business owners in Massachusetts and elsewhere, it can be devastating to surviving family members if there is no business succession plan in place to address the owner's unexpected death. It is important to include a concise business succession plan in one's estate planning.

Considerations in choosing the right business successor

These days, the majority of small business owners across Massachusetts are from the "Baby Boomer" generation, and if you are among them, you may be thinking about the next stage in your life and wondering how to prepare your business for the transition. At Kajko, Wiseman & Colasanti, LLP, we understand that setting your business up for continued success involves two important steps: creating a comprehensive business succession plan and selecting someone to be your successor.

Understanding the fundamentals of succession planning

When companies in Massachusetts are brainstorming ways to build their brand, extend their influence and move beyond their competitors, the focus often lies in strategies that can optimize resources to achieve ultimate success. However, an often unseen, but critical aspect of preparing for any organization's future is succession planning. Business leaders who prioritize the need to be training and preparing influential leaders within their organization can feel confident that the leadership of their company is in good hands if the current leaders retire or leave the business for some reason. 

Exit strategies and partnerships

When one entrepreneur in Massachusetts decides to go into business with another entrepreneur and create a business partnership, the pair must think carefully about how they want to structure and run their business. In addition, their partnership agreement should clearly outline some potential exit strategies.

Making it easier for family members to buy your business

When preparing a business succession plan, you should keep in mind the various ways that passing your Massachusetts business from one set of owners to another may go wrong. For instance, you could plan to hand off your company to another set of owners, but may want to incorporate a way for your family members in the future to buy out the leadership regime if they wish. However, this may not be easy as you think.

Key areas to cover in a business succession plan

Leaving your lifeblood in the hands of someone else is rarely easy, but the more time and energy you spend on your Massachusetts business succession plan, the smoother you can expect the process to go. At Kajko, Wiseman & Colasanti, LLP, we have a firm understanding of the elements commonly found in a strong business succession plan, and we have helped many clients facing similar circumstances find solutions that meet their unique needs.

Should I leave my business to my children?

A part of business succession planning is to think about who should take over your Massachusetts business in the event you pass away or are no longer able to run the company. It seems natural to consider your son or daughter to become your successor. For some business owners, however, the decision is not so clear cut. There are several questions to consider before you name your child as your business successor.

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