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Agree on a plan and a schedule for all the steps to follow.Before you get started: The business needs to be at its best when it goes to market.Fortunately, with focus and planning, most of these can be easily overcome by paying attention to the details. A Five-Step Process By following five key steps relevant to almost all family businesses, the business can create a viable succession plan, provide for the financial independence of the retiring owners, and position the business for continued success and growth.
At some stage you will decide to leave your business; perhaps you have decided to sell, retire or do something else.
Regardless of the reason, having a succession (or exit) plan in place will help you to smoothly transition out of your business.
Families today are often more complicated and less traditional than they once were.
Family businesses have several other issues that work against the successful continuation of the business.
A buy-sell agreement is a legally binding agreement between partners or co-owners outlining what will happen if an owner dies, is forced or chooses to leave.
There’s a lot to preparing a business for a new owner.
For local business information on 15 million businesses, be sure to check out In
More All Business: The Top 25 Home-Based Business Ideas 10 Websites Where You Should Have Your Company Profile Listed 25 Frequently Asked Questions on Starting a Business The 10 Most Creative New Business Ideas Out There Step 1: Establish Goals & Objectives Not every family business will survive and many do fail, primarily due to differing family interests and the ability of the next generation to grow the business.
The importance of the family business to the United States economy continues to grow, and in a striking development, family businesses are beginning to reverse the trend of mega-businesses wiping mom-and-pop stores off the map.
The recession of 2008 provided the catalyst for laid-off workers to create home-based businesses using the Internet and a low cost website to create and sell products and services.