Family business succession planning is not an event – it’s a process that evolves over time. In order to create the most effective plan, you need to recognize it, address it, and implement it as a process. Below are the two main actions to take when beginning the family business succession planning process:
Set the Tone for the Engagement
Understand the important issues and the goals you want to achieve. Spend some time on the Internet, doing research, reading, and devouring information.
Engage the Appropriate Advisors
Whom do you need to help you? You’re successful at running a business; you are not a professional in these items and issues as far as family business transition is concerned. Assess who should be a part of your team. Consider lawyers, accountants, and valuation professionals.
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