Succession planning needs to be the focus of businesses. Current leadership should always be on the lookout for talented people to train and develop into future leadership roles. The seamless ...
Planning an exit strategy for a company takes a psychological step before a financial one and there are many potential pitfalls for an owner seeking to build a succession plan.
Compare your farm’s succession plan to a 1,000-piece jigsaw puzzle. You know your end goal is a beautiful picture of family harmony, financial success and an operation that grows into the future.
Every company has a short list of considerations when it comes to strategic planning. Near the top of that list is preparing for potential — and sometimes inevitable — shifts in leadership. Every ...
Passing on the baton to the next generation or an existing management team can often be easier said than done. The emotional ...
Transferring assets can be one of the easiest parts of a succession plan. A bigger challenge is transferring management, knowledge and business acumen. “The economic reality is that for your business ...
For the majority of family-controlled businesses, owners are unprepared for the transition of leadership that they know is someday coming. Owners can make faulty assumptions as they assess their exit ...
Logan Roy didn’t get to see his succession materialize. More accurately, he didn’t get to watch his children tear each other limb from limb to prove they were the strongest, savviest, and most likely ...
Anyone who has spent time in a law firm has seen this scenario unfold. A senior partner announces that they'll be retiring at ...
Just 13 percent of family business members in the next generation say the business would “continue to run smoothly and without interruption if an important family employee moved on, retired, or passed ...
As COVID fades, we are left with many important lessons. Among them, the need to recognize the importance of having a professional succession plan (professional will) in place in the event an attorney ...
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