| Handing
over your business to family members successfully can mean the difference
between being financially sound for life or losing the value of many years
of hard work and effort. More than 70 percent of family-owned businesses
do not survive the transition from founder to second generation. Rather,
they fall prey to either the estate tax or family discord. Developing and
implementing a well-designed plan is essential to the long term success of
the business you've grown and developed from the very beginning.
Succession planning also
applies irrespective of whether you have family members looking to take
over the business. One day you are going to need to exit the business,
through retirement or sale. Succession planning covers the key steps to
prepare the business for that moment.
In the event of selling
the business to an outside purchaser, FVBK can manage that process for and
with you - as that can be an arduous undertaking.
It's important to bear
this concept in mind: ultimately, for your business to truly be a
realizable asset for you, you need to constantly be working on it with a
view to selling it sometime in the future. Whether you do sell it or not
is irrelevant, keeping that frame of mind means that at least you will
always be in a position to sell it and realize it's true value, if you
should ever want or need to.
That focus gives you a
greater awareness of the need to systemize your business and make it less
dependent on you.
People want to buy
businesses that work, not businesses that are run by people that work and
work and work … Succession planning then is an ongoing, ever improving
process and is just as much about working ON your business as planning for
the future. (Ask us about the concept of working 'ON' your business rather
than 'IN' it and just what that could mean to you!)
If you're ready to let the
FVBK Team go to work for you, contact us now. |
