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Posts tagged "Business Succession Planning"

Things to consider when selling the business to a child

One way to transfer your family business to one of your children is simply to sell the company to them before you pass away. They take over ownership, and you don't have to worry about suddenly handing them the company at the end of your life.

It takes time to get the kids ready to take over your company

Do you own your own company, and are you trying to figure out how to pass it on to the children when you pass away? Business succession planning is very important on many levels -- for the company, the employees and your family. Therefore, it's crucial to do it properly.

Get your children involved in your company early

With your business, passing it down in the family has always been your plan. You built this for them. You want to do more than just provide for them when they're young. You want to give them a way to earn and find financial security for the rest of their lives.

Succession planning is key to keeping a business alive

When individuals are asked if they've drafted a will, they often say that they haven't because they don't want to plan for their death while trying to live. If you ask a business owner if they have plans for the future of their business, they'll likely tell you much the same. Your lack of planning for the future can cause your loved ones added stress and grief upon your passing if these issues aren't addressed.

To help children take over a business, celebrate their success

You know that passing your business on to your kids is a serious matter. A lot of companies fail when they lose the influence of their founders and the children do not put in the same time and energy to sustain them. You do not want this to happen to your company, so you focus on training and teaching your children from a young age. You are grooming them to do your job someday.

Don't commit this business succession mistake

Setting up a plan to ensure your loved ones will receive ownership of your business, or at least be able to receive the monetary value of your business, after you have died is an important concern that every successful California business owner should handle. Fortunately, by creating a business succession plan, the owners of companies can organize a way for their heirs to gain appropriate ownership and control of their businesses in the event of an unexpected death.

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