Are You Building a Business Legacy or History? Through the years and sometimes decades of building a business, we focus on growth and how it often transforms in the beginning, from hoping the money lasts through the end of the month to providing the livelihood for family and employees. Too often, though, the most crucial element of building a successful business is overlooked – what happens to it once we’re gone?
Business Legacy or History?
Death isn’t a favorite topic regarding the future of our company; however, it’s essential. It can mean the difference between our decades of tireless work becoming a family legacy or part of our family history.
Succession Planning
Succession planning is imperative now for a business to survive and thrive generationally, especially if finding a buyer is necessary.
Regardless of public or private ownership, estate taxes, succession planning, and buy/sell agreements are critical to maintaining company integrity posthumously. Leaving a family with an unclear direction of ownership can quickly cause the demise of stock holdings, dividends, assets, overall operation, and familial relationships.
Likewise, determining the next phase of the business’s life also determines the sustainability of its future growth and success. How will ownership/partnership be designated? How will family dynamics affect company roles? Which skillsets are in alignment with maintaining the business direction and goals?
Protecting Business Longevity
Protect the longevity of your business with a concise continuity plan to ease and assist the transfer process after death. Working with unbiased professionals dedicated to protecting your company’s longevity is imperative. Crescent Franchise Solutions is here to guide you through and strategize with you to create your legacy.
We know the energy and continued effort put into building your business, and we want your business to thrive in the future rather than become part of family history. Our expertise offers a comprehensive solution unique to each business’s needs and goals.
Contact Us
Contact Crescent Franchise Solution at 941.923.3663 or visit us at CrescentFrancise.com to schedule your time to plan your company’s future path. We’ll answer any questions to ensure you have the financial information and assistance you need for successful succession planning.
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This article was based on an article from Financial Media Exchange.
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