2020 has been a year of survival rather than long-term planning. While we’re not yet beyond the pandemic, now can still be a good time to start thinking about how to best position your business for the future.
Most family businesses claim to have a succession plan in place, but many of those are informal, increasing the chance that a transition of business ownership might not go smoothly. Here are some tips to ensure a solid plan is in place.
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Building a stronger business begins with you, the owner, learning to develop a mission and focusing on your strengths.
To most effectively handle your business’ cash flow, more than just accounting personnel should be involved
No change in your company should go forward without a revision to your business plan
You need certain pieces of equipment to effectively run your business. That part is obvious. But there is a lot to consider in how you go about acquiring that equipment.
Even if you’re years away from calling it quits, it’s wise to start thinking about an exit plan to ensure you get your desired retirement results
The legal and financial aspects of succession planning for a company oftentimes get priority, but remember that people are at the heart of a business operation transition. Here’s some info to keep in mind.
