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Date Created: 12/20/15
Succession Planning Make Ownership Transitions Easier If you run a small business, you probably have run every aspect of the company at some time. Even if your business has a full staff of employees, small business owners may take on much of the management responsibilities for their companies because they may be solely responsible for the financial backing of the business. However, there may be a time that you will no longer be able to run the business due to health issues or when you want to retire. Instead of shutting your doors, you should come up with a succession plan to pass on your business to a relative or an employee who has taken a great interest in the success of the company. Your succession plan can be set-up to sell the business to another person when the time comes for you to leave the company, especially if you are not planning on having a relative take over the business. If an employee or competitor has shown interest in becoming an owner in the business, you can begin to put your succession plan into motion a few years before you retire by having that person, or persons, buy into your company so they can get to know the business and your customers. By doing that, the transition of ownership will be easier for both employees and clients of your business and it will give you the peace of mind that your company is in the hands of someone you trust. If you do wish to leave your business to one of your children, or another relative, bringing them into the company as soon as you can is a good way to begin training them to eventually take control of the business. You can teach them the various phases of your business, introduce them to employees and clients, and show them how to perform their role in the company before you retire. If something should happen to you, you can also have a plan in place to hand over the business if you become incapacitated. A financial advisor such as Accountants Melbourne can help you set-up a succession plan for your business. To find financial advice hire Accounting Melbourne to help with succession planning. http://www.navacue.com/
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