Do you have a 5 year strategy for your business? 10 year? what about a generational strategy? Simply put, your succession plan is a generational strategy to pass the knowledge, people and your wealth to the following generations (or whomever the beneficiaries of your hard work will be). You have spent much energy in strategy […]
Read MoreHave you considered whether your external advisory team is serving you and your family’s needs? Businesses often need an objective view on the performance to make what is good better or to identify the “clouds on the horizon” to be able to plan and weather the future storms. Elite athletes are able to perform at […]
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Management succession should also be an integral component of most, if not all, succession plans. The business has to be able to continue to operate, with a strong management team, when you are no longer operating the business which can take planning and forethought to accomplish this team transition. In fact, your management succession plan […]
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Last blog entry was all about writing key information down. Let’s talk about the key areas of any and all businesses and what I would suggest you consider in essentially creating an operations manual for your business. The goal would be that as you proceed through and complete your succession plan, the business could essentially […]
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What happens if you can no longer manage your personal and financial matters such as if you become sick? Have you thought of that situation arising? Contrast this with when you die? The clarity of who manages your estate is set out in your will, if you have one, in which your executor takes over […]
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