In the dynamic world of business, the need for a well-thought-out succession plan is undeniable. Many small business owners, however, find themselves in a unique position if they lack a family member eager to step into their shoes. Without a natural successor,...
Business Succession
Avoid these common mistakes with business succession
Business succession planning supports your company's long-term success. However, it is also an area where many companies make avoidable mistakes. Understanding and avoiding common pitfalls can help ensure a smooth leadership transition. No clear succession plan You...
Steps to effective business succession planning
Effective business succession planning is important for the longevity of a company. It involves a structured process to identify and prepare the right individuals to take over key roles when the time comes. While some owners have dreams of passing their family...
Why is a succession plan necessary?
Considering you have your business under control now, succession planning might feel unnecessary. However, you never know when something could happen that rattles your leadership and leaves you scrambling for support. A good succession plan will take time to curate...
What is farm transition planning?
Many farmers plan to one day pass their farms down to their children. The goal of keeping the land and the business in the family is incredibly important, especially if this has been happening for generations. In today's environment, it is important to have formal...
What will a good successor do for your business?
No matter how it happens, it is inevitable that you will someday let go of your business. Perhaps your interests will change, or maybe you will be unable to continue leading the company for whatever reason. In that situation, it is important to have a successor at...
How to choose a successor for a family business
It may not ever be easy to choose a business successor, but it may be even more difficult if you wish to pass down a family business to a relative. Failing to handle the situation with delicacy can lead to family squabbles and rifts. LGA offers some suggestions on how...
Strengthening your succession plan over time
A succession plan can help you strategize your company's future. With the right approach, you can exert some control over your organization's sustainability and success. Once you have a succession plan, you should continually improve it. Strengthening your strategy...
Which contracts may continue or end with a business transfer?
Succession plans generally include reviewing your business’s existing contracts. Some agreements may stay with your business and transfer to its new owner. As noted by SmartAsset.com, when selling a business, the sale agreement could also specify which liabilities a...
What makes a reliable succession plan?
Succession planning can help you strategize and envision the sustainability of your business. In unprecedented circumstances, having a plan in place can provide resounding guidance for those who may need to step up and carry the company. Developing a reliable plan...
