Planning Your Business Succession

By Steve Hoover

As the owner of a closely held business or potential successor of this role, one of the biggest challenges you must plan for is business succession. By identifying and addressing the key hurdles in this complex process, you can enjoy a newfound confidence in your future, your family’s future and the continued success of your business. Topics covered include: identifying a successor, navigating potential conflict, structuring a buy-sell agreement, and integrating the steps of succession planning and estate planning more seamlessly.

• Language: English
• Publisher: BookBaby
• Release date: Oct 1, 2013
• ISBN: 9781483510408

Steve Hoover

THE DOOR IN THE FLOOR is the first in the series THE HANNAH CHRONICLES: The Adventures of Hannah Hadley, Girl Spy. This is Steve Hoover's debut novel for young adults. He divides his time between Mississippi, Florida, and New England.

Book preview

Introduction

Do you own a business? If so, you are living a large part of the American Dream. Next to owning a home, owning a business is the most sought after privilege desired by most Americans. As you know, of course, being your own boss requires a huge dose of self-discipline. And if you are one of those who has put in the time, effort and sacrifice to do things your way, no doubt you are enjoying the satisfaction and benefits of being able to determine your own destiny.

In order to make this satisfaction complete and to make sure the benefits continue, the issue of business succession needs to be addressed. This is a little like having a will. No one likes to think about personal mortality or take the time to do it, but once it’s done, you can forget about it and enjoy life a little more because you know you have done the right thing. Planning how your business will transition to an heir, a partner or someone else of your choosing when you die if you become disabled, is the most caring and responsible thing you can do for your family. It will provide peace of mind for you and ensure that their material needs will be met.

If there is no plan in place, the survival of a business during a time of emotional stress is nearly impossible. That is why preparation for the death or disability of the owner needs to be incorporated into estate planning. No doubt you know people, or of people, who have experienced unnecessary difficulties because no arrangement has been made for these kinds of events.

Remember George Bailey? Every Christmas, my Dad made all of us sit in front of the TV with a bowl of popcorn and watch It’s a Wonderful Life. George has plans to leave Bedford Falls, the small town where he grew up, for adventure in far more interesting places in the world. But when his father suddenly dies of a heart attack, George feels obligated to stay and take over his father’s building and loan. With no succession plan for an outside buyer, he has to sacrifice his own dreams and save the business from the evil competitor, Mr. Potter. With help from family and friends George prevails