Succession planning has been a hot topic in business planning conversations for years but the focus is often on longer term retirement planning answering questions like “Who will be the next CEO?” and “How will ownership transfer?” Most businesses, though, do not spend a lot of time planning for the “emergency” succession. “What is ‘emergency’... View Article
Blog written by Michelle Bomberger, Equinox Business Law Group The terms “succession planning” and “exit planning” are often used interchangeably among business owners and their advisors because in closely held businesses they are innately connected — owners are often also the leaders and executives. However, they should be addressed by the business as separate plans... View Article
In our discussions with business owners around exit planning and succession planning, one key area seems to consistently trip them up. That is “valuation.” We all generally understand that a company has some value, but how to determine that value can be tough to comprehend. A lot of the confusion comes from the emotional value... View Article
Our guest blog post this week comes from Dave Shapiro, CEO of Excell Puget Sound. Yesterday, I sat down with a business owner who is working way too hard (his experience) and who saw no way out. His own conclusion, after a number of questions from me, was that he needed about five more of... View Article
Our guest blog post this week is from Ryan P. Scott. Ryan is a Financial Representative of Principal National Life Insurance Company and Principal Life Insurance Company. Your business is not just your pride and joy but a major source of income for you, your family, and your employees. While the business is a large... View Article
The term “succession planning” most commonly describes a company’s planning for its future. The issues typically discussed revolve around who will take over the company’s ownership and management upon the retirement of the current owners or partners. These are critical planning elements for any company but succession planning must also address the unexpected events that... View Article
Allan Vander Hamm is a principal and the Director of Business Valuation and Transition Services at Berntson Porter and Company in Bellevue, Washington. Allan’s practice focuses on designing and implementing comprehensive owner succession and transition projects; completing successful Merger & Acquisition transactions; and providing business valuations for transition, transactions, buy-sell agreements, divorce and estate and gift... View Article
Our guest blog this week comes from Bob Gruber, President of The Rainier Group, a professional firm with concentrated experience in the issues that affect successful private business owners and other successful individuals including business transition services, wealth advisory services and institutional consulting. Bob will be participating in our Succession Planning panel discussion on August 25.... View Article
As Chris Corrigan so aptly stated, “You can never over-prepare in business!” Yet, we know, from strategic plans to budget plans and marketing plans to staffing plans, business owners find it difficult to fit it all in. Now I raise the issue of succession plans… another one of those plans that doesn’t seem critical today;... View Article