Ever since you started your own business, you hoped it would be a business that stayed in the family. You imagined leaving it to your children or having them come work with you. You thought they could take over and run the business when you were done. However, you are now in your late sixties and you’re thinking about retiring.

Whether you inherited, purchased or started your company, you may derive personal pride and a sense of satisfaction from the company’s success. You likely also feel a sense of responsibility to the employees who have committed their professional futures to your business. If you want your business to continue even after you retire both to support those loyal workers and

They say you are only as good as your last performance. When you run a business, that means that however great your reputation is now, it would not take much to lose it. All businesses need a succession plan regardless of size. You need to plan for the fact that you will not always be here. You might intend to retire from

Family businesses are often thought of as the foundation of the American economy. The benefit of the system is said to be the fact that anyone can start a company and build it to the level of success they desire, and they can then leave that business to their heirs if they so choose.  All of this is true in

Executives often work long hours and handle many matters simultaneously for the business that they help operate. Once you understand the demands of your position at a company, you are in a unique position to understand who else could do the same job that you do. Succession planning can be an important part of your executive responsibilities. Creating a succession plan could

Part of your estate plan involves leaving the family business to your child. This is known as a succession plan. It’s very important to you because of the high value of the asset, the way you can provide a long-term career for your child and all you have put into it over the years. Moreover, you care about the business

The idea behind a family business often involves passing it on to the next generation. The founder never intended it to be something that just benefited them personally, but hoped to give it to their heirs both so that they could keep growing the business and so that they would have a stable income. Unfortunately, the statistics show that this does not

Many people who own businesses would like to pass their companies on to their children. When making a business succession plan, they assume that means all of their children should get an equal share. You can do this if you’d like, but it certainly isn’t a requirement. You must decide what is best for your family and for the business

Whether you are ready to retire or simply want to move on to something new, you may want to sell your business. As the owner, you might hope to sell it to a family member or business partner. You could also have an outside investor who wants to take over your already successful company. One of the things you can

You’re approaching or are already into your golden years. The time has come for you to retire. Yet, you hesitate because you worry about the fate of your business. Your company has provided a good living for your employees who have become your second family. You worry about them if you sell the company. You also worry about the needs of