Business Strategies

The Importance of having a Business Succession Plan

The Importance of having a Business Succession Plan

Did you know that the number one reason why small family businesses fail is because of lack of planning? Without a proper succession plan, your family business may not last beyond your lifetime. In fact, only one third, 34%, of all small businesses have a robust, documented succession plan. Business owners often get caught up working in their business and forget to work on their business.

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Generational Turnover in a Family Business

Generational Turnover in a Family Business

Learn how to smoothly transition your family business from one generation to the next in this insightful blog post. As the older generation approaches retirement, the younger generation must take on the mantle of leadership. However, there are numerous issues to consider, including compensation, funding, and legal planning. The post offers practical tips for maximizing the efficiency of your money and finding the funds to buy out the older generation while still growing the business. Find out how one family-owned manufacturing company found $240,000 of annual recurring revenue to fund their exit strategy and gain much-needed cash flow relief.

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How can You Properly Invest in a Down Market?

How can You Properly Invest in a Down Market?

When you’re making a capital investment in your business. Any way you look at it. You are going to pay a finance cost. And what I mean by that is, if you finance, you’re going to pay interest to the bank or the credit company for the privilege of using their money. But if you pay cash, you are giving up interest that you could have earned on your money. So the question becomes, how can you make that capital investment in your business and still maintain control of your cash?

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