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...
Business Succession
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...
Why should you start working on your succession plan early?
When making your business plans, you need to think far ahead. Most new business owners do not realize how far that is. But at the conception of the business, you should already start working on a plan for how you want your time with it to end. This is one of the most...
Preventing talent gaps to strengthen succession planning
Outfitting an organization with a strategic succession plan can provide sustainable protection for company success. Business leaders in Ohio looking to strengthen their succession plan should focus some of their effort on tightening talent gaps. A talent gap occurs...
What do you know about your business succession options?
While you may understand that proper business succession is essential to the success of your Ohio-based company, you may not know all your options for transferring ownership. This gap of knowledge could hobble your business planning efforts. Fit Small Business breaks...
Creating a sustainable business succession plan
Small businesses are the backbone of Ohio and the rest of the country. Many of these businesses are family owned and have been this way for multiple generations. As with any business, planning for the future is important. A sustainable business succession plan is...
Common ways of transferring ownership of a business
Many businesses in Ohio are small when compared with the nation’s major corporations and thus have different sets of issues to deal with as they try to grow and maintain a profit. Business succession is one issue that is of special concern to family-held and other...