Professional Accounting Blog

    Accounting For Your Prosperity

    Family Business Succession Planning: Where to Begin

    Posted by Meaden & Moore on Mar 19, 2015 2:30:38 PM

    Family business succession planning is not an event – it’s a process that evolves over time. In order to create successionthe 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. 

    For more information, watch our video below. Subscribe to our YouTube channel for more videos.

    Want to learn more? Download our Succession Planning for Family Business guide today

    Topics: Family Business & Succession

    Meaden & Moore

    Written by Meaden & Moore

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