You\u2019ve devoted time and money and poured heart and soul into building a successful family business. But do you have a succession plan? If not, you should. Without a plan for transferring your business to the next generation, anything could happen.<\/p>\n
Deciding on Your New Role<\/strong><\/p>\n Start by deciding how much or how little you want to be involved in the business after the transfer is complete. Are you picturing a clean break? Or a period of shared responsibilities and gradual transfer? This is an important decision because it will likely influence other decisions, particularly financial ones.<\/p>\n Choosing a Successor<\/strong><\/p>\n This can get tricky, especially if there are several family members who may have an interest in \u2014 or expectation of \u2014 taking over the business. If there\u2019s one clear candidate, that makes it easier. But don\u2019t just assume someone (e.g., your oldest son) is the right successor. Do what\u2019s best for the business. The best choice may be a grandchild, a niece, or even a relative paired with a trusted employee.<\/p>\n Estate planning is an important sidebar to a family business succession plan. There may be children who have no interest in being involved in running the business and are happy to let their siblings take over. However, they probably expect equal treatment when it comes to inheritances. If this is a likely scenario, make sure everyone communicates as clearly as possible and develop a plan you think is fair.<\/p>\n Grooming a Successor<\/strong><\/p>\n Spend time grooming your successor, even if it\u2019s a son or daughter who knows the business. He or she should understand how every part of the business operates. Before your successor starts representing your business publicly, make sure he or she meets your business contacts (clients, vendors, financial partners, etc.).<\/p>\n Figuring Out the Money<\/strong><\/p>\n You probably don\u2019t want to give your business away, even to your own offspring. Figure out how much you\u2019re going to need to finance your next venture (retirement, a new business, etc.), and come up with an arrangement that meets your needs.<\/p>\n Take charge of your financial future. Give us a call, today, to find out how we can assist you and your business.<\/p>\n","protected":false},"excerpt":{"rendered":" You\u2019ve devoted time and money and poured heart and soul into building a successful family business. But do you have a succession plan? If not, you should. Without a plan for transferring your business to the next generation, anything could happen. Deciding on Your New Role Start by deciding how much or how little you […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-717","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-uncategorized","7":"entry"},"_links":{"self":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts\/717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/comments?post=717"}],"version-history":[{"count":1,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts\/717\/revisions"}],"predecessor-version":[{"id":718,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts\/717\/revisions\/718"}],"wp:attachment":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/media?parent=717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/categories?post=717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/tags?post=717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}