Exit Planning, Succession Planning, Sale to Insiders, Transfer to Family, Build Transferable Value Pat Ennis Exit Planning, Succession Planning, Sale to Insiders, Transfer to Family, Build Transferable Value Pat Ennis

What are The Critical Elements in Training My Business Successor?

Training your Business Successor is crucial in ensuring a smooth transition of ownership and leadership. The following are critical elements to consider when preparing your Business Successor…

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Exit Planning, Succession Planning, Sale to Insiders, Transfer to Family Pat Ennis Exit Planning, Succession Planning, Sale to Insiders, Transfer to Family Pat Ennis

Owners Think Differently

Up until a successor takes over as an owner, they have typically only ever been an employee.  Therefore, it is critical to help them begin adopting an Owner’s Mindset prior to handing over the keys.

Owners and employees generally think differently.  I remember when I first became the owner of a company.  I co-owned a restaurant development company, where developed our own restaurant chain and also developed a territory for a national franchise.

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Estate Planning, Succession Planning, Business Continuity, Exit Planning, Transfer to Family Pat Ennis Estate Planning, Succession Planning, Business Continuity, Exit Planning, Transfer to Family Pat Ennis

Living Trusts and Avoiding Probate in Estate Transfer of Your Business

Probate is the legal process through which property is transferred after a property owner’s death. Generally, the probate process requires the gathering of all assets, paying off debts, and distributing the remaining assets in accordance with the deceased person’s estate plan and the law. The probate process is facilitated by a court-approved, or appointed, a person known as the administrator, executor, or personal representative of the estate.

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Transfer to Family, Estate Planning, Exit Planning, Succession Planning, Business Continuity Pat Ennis Transfer to Family, Estate Planning, Exit Planning, Succession Planning, Business Continuity Pat Ennis

Some Thoughts About Family Business Transfers

You might think that transferring your business to a child or family member would be the easiest exit route to facilitate. Whereas statistics reveal that only one-third of all family businesses pass successfully to the next generation, and only 10% to the third generation.

Owners considering a transfer to children often run into these obstacles, among others…

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Life After the Business, Build Transferable Value, Business Continuity, Exit Planning, External Sale, Sale to Insiders, Transfer to Family, Estate Planning, Retirement Planning, Next-Level Management, Succession Planning, Business Valuation, ESOP, Financial Analysis Corby Megorden Life After the Business, Build Transferable Value, Business Continuity, Exit Planning, External Sale, Sale to Insiders, Transfer to Family, Estate Planning, Retirement Planning, Next-Level Management, Succession Planning, Business Valuation, ESOP, Financial Analysis Corby Megorden

Exit Planning and your heart’s desires

As a business owner you pour your heart into your work and it has become part of you. But at times, the business you have carefully nurtured for years can become a burden - there's a part of you that yearns to do something else - travel, spend more time with family, enjoy more leisure, or even start another new business. You are confused. 

So when it comes to considering the future of your business, where is your heart?

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