Kajko, Weisman & Colasanti, LLP

business succession Archives

The process of passing on a private company can be complicated

There will be a time in every Massachusetts business owner's life when leaving his or her company behind is a want/need. Waiting to figure out how to pass on one's business until the last minute is not the wisest decision. The simple truth of the matter is, the process of changing company ownership can be complicated.

Mental capacity can affect business succession planning

It is impossible to know what life is going to throw at you. You can be sailing along just fine, running your business and living large, and then the next minute, your world can be turned upside down with a devastating medical diagnosis. If you were recently diagnosed with a disorder that is going to affect your mental capacity now or in the near future, the next steps you take as a business owner could make or break your company. You see, mental capacity can affect business succession planning.

A case for business succession planning

Successful business owners in Massachusetts and elsewhere are proud of what they have created, and enjoy spending their time continuing to grow their companies. It is a stressful and time-consuming task, however, which may leave some business owners little time to think about some things that they probably should -- such as succession planning. No one wants to think about having to walk away from their company, but life happens, and it becomes necessary at some point. Without a business succession plan, all of one's hard work may be for not.

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.

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