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What to Do When Your Kids Don’t Want to Take Over Your Business

Many small business owners dream about the day when they can add "and daughter" or "and son" to the name of their company. Of course, sometimes reality sets in, and that’s not possible because their children might not want the business.

Sourced through Scoop.it from: www.fool.com

This is from Motley Fool. Expect an ad at the end. But it’s good stuff. EGS can help you sort-out the options.

OPINION: Make sure you have an exit strategy from your business | IOL Personal Finance

A leader must know when it’s time to exit. I was working in our family business for 20 years. My daughter, Amy, was slated to take over. However, to my surprise, Amy decided to become a teacher instead. Yes, there are risks to generational succession: it only works 30 percent of the time…. Suddenly, I needed a new plan for my future.

Sourced through Scoop.it from: www.iol.co.za

Keen insight from this individual opinion. EGS is ready to build your strategy, including contingencies that offset the issue discussed in this article.

Passing your business on to your family FAQs | Business Law Donut

1. How far in advance should I start planning to pass the business on?

Most people find that it takes at least a couple of years to prepare. Although it is possible to pass a business on at short notice, it can take several years to handle activities such as training your successor effectively. The sooner you can discuss your plans with your advisers, the better.

Sourced through Scoop.it from: www.lawdonut.co.uk

Here are 18 FAQ’s that will enlighten any firm contemplating a family succession exit plan. EGS has many more A’s for your Q’s.

Exit Strategies for a Family Business

A business exit must be custom fitted to your financial situation and your desires for management succession. The following are some possible strategies that you may want to consider — with the help of your professional advisors.

Sourced through Scoop.it from: www.lionbank.com

You can tell this brief article was written by someone who has been around the block several times. Family exit strategies can be an emotional minefield. EGS knows how to defuse the mines.

Exit strategies for your family business

After many years of hard work and most likely plenty of sacrifices, many family business owners look to reap the rewards of their efforts over the years. While many will be ready to move on to the next phase of their life, there are a myriad of issues that will need to be considered first in relation to their business:

Sourced through Scoop.it from: kpmgsa.smh.re

KPMG delivers a good exit checklist for family business owners. Need a guide and coach? EGS is ready.

Tips to Make Succession Planning a Snap for Your Family Business

Sooner or later, everyone wants to retire. But if you own a family business, retirement isn’t just a matter of deciding not to go into the office any more. Besides ensuring that you have enough money to retire on, the whole question of what happens to the business becomes paramount. Who’s going to manage the business when you no longer work there?

 

Sourced through Scoop.it from: www.thebalance.com

Good tips here. Get all the right tips and more with a complimentary consultation with EGS.

 

Six Tips to Make Succession Planning a Snap for Your Family Business

Business succession planning is critical for family businesses. These tips will help ensure a smooth transition from one generation to another.

Sourced through Scoop.it from: www.thebalance.com

We like this article and the website that delivers it. Good insight here. To take the message further, contact EGS for a complimentary exit consultation and many more custom tips.

 

Relying on your business to help fund retirement? Start preparing for your exit now

“Particularly in family businesses, people often don’t get salaries that are at the market rate. You really need to bring salaries into line with the market as you prepare to exit, so buyers can see that. And get your debtors under control – they need to see that you get paid.”

Sourced through Scoop.it from: www.smartcompany.com.au

These Aussies are full of street wisdom. This short article may open some eyes. At EGS, we’ll help get your eyes wide open to all the possibilities of your end game.

Four mistakes family business owners make with their exit plan

Have you ever seen someone walk unsuspectingly into a glass door? I’ve been that person. What’s the worst part? Knowing it was totally preventable. While that scenario may be funny, creating and executing your exit plan is serious business. There are four common mistakes I see family business owners make in their exit plan — mistakes that create needless frustration, anxiety and regret. The good news is they are preventable. Mistake No. 1: Waiting until you need to retire to start planning. William Shakespeare nailed . . .

 

Sourced through Scoop.it from: www.grbj.com

Author Matt Rampe knows his stuff. This article delivers front-line feet-on-the-street insight worth your time.

 

Tackling Business Succession | Wealth Management | BBVA Compass

Here are the key objectives to keep in mind as you consider in your family business’ transition plan. 

Sourced through Scoop.it from: www.bbvacompass.com

Kathryn Tully, a business and financial journalist, discusses the emotional side of family business transitions. At EGS, we agree with her that planning is crucial.