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...
Partnership for the Good of Your Business
Business Succession
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...
How can you choose a successor for your business?
Succession planning is the process of choosing a successor to run your business after you retire. It ensures that the business you worked so hard to grow and develop will remain in good hands after you move on to the next phase in your life. Because there is so much...
Heirs may incur liability for paying an owner’s business debts
An individual operating a business as a sole proprietor may unintentionally leave unpaid debts to his or her estate. According to the IRS, a sole proprietor owns and operates a business alone without partners. A single individual also has responsibility for income...
Preparing for succession when heirs prefer to not run a business
When heirs appear unwilling, business owners may prepare for their companies’ future management by adding a non-familial successor to their estate planning documents. An individual with suitable skills and the ability to develop new ones could contribute to a smooth...
How should you pass on your business?
When creating your business plan, one of the first things you need to do is figure out how you will pass it on. This may seem counterintuitive, but it is a crucial thing if you want your business to continue after you leave it. So what are your options when...
