Wealth Vision Mastery Academy

Hello my fellow entrepreneur, Did you know that succession planning is important in your business? Why is it important? Because succession planning focuses on preparing the business for two purposes: business entrepreneur’s planned exit and business entrepreneur not being in the business (eg holiday or sickness) I know that my next sentence may sound a little crazy, but it's true. At the time of starting your business, you should have a succession plan considered. It's true. According to Fidelity, "from the first day you start your business, you want to make sure your business plan is coordinated with your succession plan. Many business owners are so wrapped up in their business that they don’t even think about a succession plan until a year or two before they want to retire." According to The U.S. Small Business Administration, nearly 70% of small business owners lack a real succession plan. Family-owned businesses, for example, may not feel the need to ...

Not many business entrepreneurs have an   Exit Plan . However, if you do have an Exit Plan in place, is it up to date? Circumstances change in your business and personal life rapidly, so your present Exit Plan might not necessarily fit into your present circumstances. For those business entrepreneurs that do not have an Exit Plan, let me spend a few minutes why it is important for you to have one.  An Exit Plan is vitally important to maximise your business worth and retirement strategy so that you can legally minimise tax and get maximum dollars for your business. Graphic provided courtesy of the http://howtoplanandsellabusiness.com website Exit Planning is a comprehensive analysis of all of the factors that affect an entrepreneur’s departure from their business. While Exit Planning includes succession planning, it also addresses issues more directly relevant and critical to entrepreneurs, such as whether they can leave the business when they want, to whom they want...

Succession Planning Succession planning focuses on preparing the business for two purposes: • business entrepreneur’s planned exit and • business entrepreneur not being in the business Quite often, the buyer who purchases your business is not necessarily going to be running the business or having to recruit someone to run the business on their behalf. Having a succession plan in place is vitally important at the time of sale as it shows the buyer who will be running the business. Furthermore, having a succession plan in place virtually assures you of being able to take off for a valued holiday. There are so many benefits of having a succession plan in place within your business. Specifically, succession planning concerns continuity within leadership and management following an entrepreneur’s exit. In other words, succession planning is a specific cog in the Exit Planning machine. It is important to consider succession planning as an on-going daily operational issue, not just...