How Do You Create a Succession Plan?

For the last few weeks, we’ve been addressing the topic of business continuation planning. So how do you create a succession plan? Firstly, it must be viewed as a process, not an event. Like a well-run relay race, the handing over of a company should be graceful, carefully strategized and well-executed to be successful. Work

Why Don’t Most Businesses Succeed in the Long Term?

Closely-held businesses are the backbone of America. About 95 percent of all businesses in America are family or privately held. A 2014 study revealed that there are more than 27 million closely held businesses in the United States, and they account for between 70 and 80 percent of all new jobs. Closely held businesses contribute

Succession Planning

Types of Succession Plans As we mentioned in last week’s post, there are two types of succession plans – the What-If Plan, and the Best-Case Scenario Plan. What’s the difference? The What-If Plan What would happen if you were killed or no longer able to work? Though no one wants to think about the What-If

The Successful Succession

If you fail to plan, you plan to fail. That’s why it’s never too early to start protecting your business, your family, and your employees. What is the difference between a dream and a goal? While many shop owners dream about selling their shop and retiring, for most, a dream is all it is. Why?