Succession Planning

Business Owner Estate Planning – 4 Easy Steps

The Importance of Estate Planning for Small Business Owners

Of course, no one likes to think about a time when they can no longer serve an active role in their business. Much like why people delay writing a will, business owners often delay estate planning. But, not planning can leave the struggle left to the company, your family members, and business partners.

If it comes to a point when you can’t lead the way and no clear instructions of what to do when it happens, your...

10 Exit Planning Mistakes to Avoid

1. Being too emotionally attached to the business.

Entrepreneurs who have built their businesses, often from scratch, describe their businesses as their “baby.” And it’s understandable, as you put so much of your life’s work into creating your business from the ground up. Gorochow points out that having those strong emotional bonds to your business can cloud your judgment, especially when you start to consider questions like: “Who will take care of this business...

To Buy or Ally? That is the Question!

Here are some worrisome statistics from The Journal of Finance: On average, companies that take over others have a 10% reduction in wealth over five years post-acquisition. And up to 55% of all alliances fall flat with losses accruing to both firms. It seems that too many company executives have a narrow-minded view of takeovers and alliances, seeing them mistakenly as equivalent strategies. But the two are definitely not the same, even if an alliance involves acquiring a...

How is Your 100-Year Business Plan Coming Along?

Succession Planning with 3 Key Leadership Skills

So, you had the idea for your business. You believed in yourself and had the strength of mind to set it up and keep it running through the busts and booms. But in the back of your mind, you know the day will come when you want to take your hands off the wheel and let someone else take over. Thus, it is vital that you as a successful leader invest in the development of your successor. And not just one individual but the whole next...

Your Succession Plan - Do you know its value?

Only 3 in 20 businesses survive to see 3 generations. It's a scary statistic isn't it? All that blood sweat, tears, and success, doesn't add up to a hill of beans, if your business dies when you walk away. Don't get me wrong here, walking away from your business, when you choose, is a valid option. Not having a viable succession plan and business continuity plan however, is a death wish.

Let PBC guide you through the succession planning process and secure your...