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Succession Plans

A shadow board could shed light on your company’s best future

Employees, Shadow Board, Small Business, Strategic Business Planning, Succession Plans /

In many industries, market conditions move fast. Businesses that don’t have their ears to the ground can quickly get left behind. That’s just one reason why some of today’s savviest companies are establishing so-called “shadow” (or “mirror”) boards composed of younger, nonexecutive employees who are on the front lines of changing tastes and lifestyles. Generational […]

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Putting together the succession planning and retirement planning puzzle

Retirement, Small Business, Strategic Business Planning, Succession Plans /

Everyone needs to plan for retirement. But as a business owner, you face a distinctive challenge in that you must save for your golden years while also creating, updating and eventually executing a succession plan. This is no easy task, but you can put the puzzle pieces together by answering some fundamental questions: When do

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Your succession plan may benefit from a separation of business and real estate

Gifts, Leasing, Limited Liability Company, Real Estate, Retirement, Small Business, Succession Plans /

Like most businesses, yours probably has a variety of physical assets, such as production equipment, office furnishings and a plethora of technological devices. But the largest physical asset in your portfolio may be your real estate holdings — that is, the building and the land it sits on. Under such circumstances, many business owners choose

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Using knowledge management to develop your succession plan

Knowledge Management Strategy, Retirement, Small Business, Succession Plans /

As the old saying goes, “Knowledge is power.” This certainly rings true in business, as those who best understand their industries and markets tend to have a knack for staying on top. If that person is a company’s owner, however, great knowledge can turn into a vulnerability when he or she decides to retire or

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