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    Family Business Succession Planning: What if I Change My Mind?

    Posted by Meaden & Moore on May 7, 2015 10:00:31 AM

    Topics: Family Business & Succession

    The best thing about the whole family business succession planning process is that nothing you’re doing here is irrevocable. Remember to keep in mind that it’s a dynamic process – something that’s going to change and evolve over time.

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    A Process Oriented Approach to Family Business Planning

    Posted by Meaden & Moore on Apr 28, 2015 10:31:00 AM

    Topics: Family Business & Succession

    Getting Started

    Overcoming inertia and making the overall process manageable are the two most difficult aspects to tackle when getting started with family business succession planning. This can be a very overwhelming task simply because it is not just a matter of “let’s just do it.” Successful succession planning requires that you put thought into what happens once the business is no longer in your hands. What will you do now? Are you required to step in if the business falters? Essentially, there are a lot of “what ifs” that need to be taken into account prior to the succession of your business. Putting a detailed process together will however take some off the stress off your shoulders once the succession occurs.

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    Family Business Succession Planning: Where to Begin

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

    Topics: Family Business & Succession

    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: 

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    4 Key Stakeholders in the Business Succession Planning Process

    Posted by Meaden & Moore on Feb 26, 2015 11:58:00 AM

    Topics: Family Business & Succession

    Some stakeholders in the business succession planning process are obvious, such as family members and employees who are involved in the business. Besides those people though, who else’s interests, wants, needs and desires do you have to consider when you’re looking at the family business succession planning process?

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    5 Key Issues to Consider When Starting Business Succession Planning

    Posted by Meaden & Moore on Jan 22, 2015 8:45:00 AM

    Topics: Family Business & Succession

    There are many considerations that a business owner must take when planning for the succession of their business. These considerations can weigh heavily on an owner, but are important to think through as the business succession planning process begins.

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    Video Interview: What is Family Business Succession Planning?

    Posted by Meaden & Moore on Oct 9, 2014 2:36:14 PM

    Topics: Family Business & Succession

    Business succession means many things to many people. At it’s core, it is the orderly transfer of a business owner’s interest from one generation to another. However, “orderly transfer” is much easier said than done. As illustrated in the graphic below, as the business moves further and further down through generations, the percentage of successful transfers decreases. For a country where 90% of our businesses are family-owned, this low success rate is grim.

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    Don’t Let the Failure to Communicate be Your Business Succession Plan’s Downfall

    Posted by Meaden & Moore on Sep 23, 2014 9:30:00 AM

    Topics: Family Business & Succession

    Part 8 of the "Process-Oriented Approach to Family Business Succession Planning" Blog Series

    I recently met with a new client and was delighted to find that he had a succession plan in place for his thriving and profitable service business. Unfortunately, my delight quickly turned to dismay as I probed with some follow-up questions. When I asked if I could see the plan, he pulled a single page from a file in his desk drawer. The plan of which he was so proud only moments before consisted of nothing more than a handful of cryptic bullet points. I posited that something, though light on details, was surely better than nothing.

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    Business Succession: Who Are the Stakeholders and How Can You Satisfy Them?

    Posted by Meaden & Moore on Aug 19, 2014 8:00:00 AM

    Topics: Family Business & Succession

    Part 7 of the "Process-Oriented Approach to Family Business Succession Planning" Blog Series

    At first blush, a business owner may believe that procrastinating or failing to craft and adopt a viable succession plan will have an impact upon only him or herself. I would contend, however, that any thriving business affects a multitude of individuals, further raising the stakes and underscoring the challenge to do whatever it takes to plan for an orderly transition.

    Some stakeholders are obvious and include those family members who are active in the operations of the business and key employees. Others, however, may not be as evident, but could most certainly feel the impact of a business transition, particularly if it fails. So, today, I will spend some time identifying some of the less obvious stakeholders, as well as some key observations for engineering success while considering their often diverse needs.

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    Business Succession Planning: Keeping Your Buy-Sell Agreement Relevant

    Posted by Meaden & Moore on Jul 17, 2014 8:00:00 AM

    Topics: Family Business & Succession

    Part 6 of the "Process-Oriented Approach to Family Business Succession Planning" Blog Series

    All too often, when I first broach the subject of a succession plan with a client, I receive a terse response, and an attempt to summarily dismiss the topic for fear that I have run out of things to keep me busy and am looking to up-sell them on a matter that they believe is well in hand.

    First, let me assure you that I have plenty to occupy my time, and am not looking to generate busy work for my clients or myself. But upon further inquiry, I find all too often that what many business owners believe is that a succession plan is merely a simple buy-sell agreement, and that they haven’t really reviewed or revised that agreement since it was adopted several years earlier.

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    Identifying the Business Owner’s Goals—Taxes

    Posted by Meaden & Moore on May 1, 2014 12:48:00 PM

    Topics: Family Business & Succession

    Part 5 of the "Process-Oriented Approach to Family Business Succession Planning" Blog Series

    Taxes. According to the old adage, taxes are one of only two things certain in this life. As we continue to focus on understanding and setting the goals which will drive the succession planning process, the notion of taxes will likely occupy a most prominent position. We have previously discussed the importance of clear vision relating to ownership and management succession, as well as the financial needs of the owner. And while the owner and the successors may be able to succinctly describe how they envision the implementation of the transaction from a practical perspective, the application of income and gift taxes to a transaction does not necessarily follow the same logical progression. So before any contemplated transition moves forward, it is imperative to engage the assistance of experienced tax professionals to avoid the possibility of unintended tax consequences derailing the transition, or worse yet, generating unanticipated costs that operate to frustrate the cash flow and financial benefits the owner expected.

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