Checkpoint Learning

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Business Succession: Failure to Plan is Planning to Fail  

CATEGORY: Management
2 CPE Credits
Level: Basic

So after you, what will happen to the business? It’s up to you. There are three choices: Orderly transition, muddle through a mess, or complete chaos frequently resulting in abandonment of the business. Children are not always the best to take over the family business. More than 80% of businesses are owned by a family but less than a third are taken over by the kids and only 10 percent by the third generation. Employees, customers and suppliers are all watching the outgoing leader and asking what preparations are being made for the continuation of the business.

The questions to be addressed include: Should the business be sold outright? Should family members/employees take over? Should the business be liquidated? Regardless of the answer it is necessary to plan for an orderly transition.

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