Whether you are the owner of a multinational corporation or a mom-and-pop corner store, your business is a significant asset for you and your family. As such, you need to devise a strategic succession plan for your business. Your business succession plan does not necessarily only get initiated upon your demise. There are numerous ways to transfer the interest of a
Let’s take a moment to talk about a blunt truth that all family business owners have to face at some point: Most of these businesses do not have long term success. You can find counter-examples. For instance, the Amway multi-level marketing company was started by Richard DeVos and now makes billions of dollars per year for his children. Sam Walton
Business owners in Massachusetts and New Hampshire spend little time thinking about a future when they no longer operate their companies. Unfortunately, this means that most company owners lack a business succession plan. For those who have no children or have kids that are not interested in taking the reins, lacking a plan may put their company at risk for
You started the business you own from nothing. Maybe, like so many famous companies, you started in your garage. Now your company is worth millions. You hope to pass it on to the children and see them make it even bigger and more successful, given the advantage they have of not starting with nothing. But will it happen? How likely
Owning a business in Massachusetts in not uncommon. Whether it is a family business that has passed down from generation to generation or a business that was recently established, there are important business decisions that must be made. These are not always the daily operation decisions, however. Business planning requires an owner to consider various scenarios to ensure the continued
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. When passing a business
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
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
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. Many business leaders may think
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. Why is it important to have a business succession plan?
Whether you are the owner of a multinational corporation or a mom-and-pop corner store, your business is a significant asset for you and your family. As such, you need to devise a strategic succession plan for your business. Your business succession plan does not necessarily only get initiated upon your demise. There are numerous ways to transfer the interest of a
Let’s take a moment to talk about a blunt truth that all family business owners have to face at some point: Most of these businesses do not have long term success. You can find counter-examples. For instance, the Amway multi-level marketing company was started by Richard DeVos and now makes billions of dollars per year for his children. Sam Walton
Business owners in Massachusetts and New Hampshire spend little time thinking about a future when they no longer operate their companies. Unfortunately, this means that most company owners lack a business succession plan. For those who have no children or have kids that are not interested in taking the reins, lacking a plan may put their company at risk for
You started the business you own from nothing. Maybe, like so many famous companies, you started in your garage. Now your company is worth millions. You hope to pass it on to the children and see them make it even bigger and more successful, given the advantage they have of not starting with nothing. But will it happen? How likely
Owning a business in Massachusetts in not uncommon. Whether it is a family business that has passed down from generation to generation or a business that was recently established, there are important business decisions that must be made. These are not always the daily operation decisions, however. Business planning requires an owner to consider various scenarios to ensure the continued
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. When passing a business
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
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
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. Many business leaders may think
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. Why is it important to have a business succession plan?
