Business owners commonly associate Exit Planning with estate planning, and they aren’t too far off. Good Exit Plans and estate plans both aim to assure that the owner’s family is provided for after the owner is gone. Both an Exit Plan and an estate plan might address a transfer of ownership to an intended recipient following the death of the …
Exit Planning Versus Succession Planning
Managing Director Fred Hess on Exit Planning vs. Succession Planning: In the emerging field of Exit Planning for business owners, the terminology can be a little confusing. Many people believe that Succession Planning is the same as Exit Planning, but it is not. Either plan starts from the perspective of the business owner’s goals and objectives. It addresses a wide …
Business Continuity Instructions: Guiding Your Family, Even After Death
As owners approach their business exits, one topic that’s often overlooked is unexpected death or permanent incapacitation. One reason owners gloss over this topic is because it injects an uncontrollable element into a controlled process. Many successful business owners take pride in the control they have over guiding their businesses toward success, so the idea that all of that hard …