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Business Succession Planning
One of the most important concerns for a family business to consider is what will happen when the founder or current leader is no longer able to run the business. All business owners should have a Succession Plan to have sufficient wealth when they retire and to ensure the business will continue to thrive after their departure. In family situations they need to know how it will move through subsequent generations. Transitioning management and ownership responsibilities raises many questions and many decisions have to be made. If the process is not managed correctly, problems will arise that will not only threaten the viability of the business, but also family harmony. Don't wait until you're ready to retire; begin the planning process early because it may take years to implement fully.
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