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 Posté le: Lun Sep 30, 2013 3:38 pm Sujet du message: Ask the experts: How do I go about putting togethe |
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{Ask the experts: How do I go about putting together a succession plan?}
Pino Bacinello,[url=http://www.moncler-sale.org]moncler on sale[/url],[url=http://www.moncler-sale.org]moncler sale[/url], Judy Brooks and Chris Kassardjian and Frank KusmerTue Jul 30, 2013 12:01am PSTPino Bacinello: President, Pacific Business Brokers Inc. and Pacific Mergers and Acquisitions Inc.The lack of proper exit planning by entrepreneurs, coupled with today’s aging entrepreneurial demographic,[url=http://www.moncler-sale.org]moncler on sale[/url], could potentially result in an economic meltdown. Planning for succession need not be too complicated but having the right team of advisers to assist is critical.Here are three simple steps: 1. Make the decision to plan.2. Find a certified and accredited exit planner. This is essential to assist with the development and implementation of a simple plan based on realistic needs of lifestyle and expectations.Key elements of proper succession planning include:•determining your personal and family objectives;•realistically and objectively assessing your family’s needs and dynamics; and•developing the business into what I like to call a “state of change readiness.”Just as critical is working the plan in such a way that it will ensure a successful transition, and exit, to the benefit of all those involved – within the business and within the family.3. Assemble a team of competent advisers. Start with a knowledgeable professional certified business broker or a certified business valuator who can determine the current value of your business based on the current and anticipated market conditions.Armed with this information, measure it against the value that you want to achieve according to the goals identified within your succession plan. This will make clear the gap between where you are and where you want to be. From there, you can determine the required actions to close the gap to achieve your goals within your plan.To protect your family and your investment in your business, you owe it to yourself and your loved ones to properly plan and prepare for your eventual exit.Judy Brooks: adviser, speaker, business and community leaderThere are plenty of sites and resources that will walk you through the mechanics and process of exiting your business. But what do I consider when business owners come to talk to me about exiting their business?1. Do you really want to sell or is the business like your baby? Selling my businesses was easy for me emotionally – but even then there’s an adjustment period. For some business owners, whose trade or craft is what the business is about, selling their business is beyond painful. What will they do after the sale?2. Get advice. For a big deal, use someone like David Lam from Deloitte who understands business transactions are about people – not just money. Especially when it comes to founders. If it’s a little deal,[url=http://www.moncler-sale.org]moncler down jackets[/url], you should still seek out an appropriate adviser (not a family member or neighbour; they may be emotionally attached, not emotionally supportive). Tip for finding good advisers: if they’re asking questions about you and your life they’re probably going to serve you well.3. Terms matter. People tend to focus on the sale price,[url=http://www.moncler-sale.org]moncler outlet[/url], but how long a deal takes to close can be crucial to a smaller deal. The due diligence process takes you away from focusing on your business. My first sale was tied up in 30 days to a third party. My second was tied up in 30 days as a sale to my partners, because we had terms written into our agreement. It made life way easier and saved me money.Top tip for exiting your business: set your company up from day one as if you’re going to sell,[url=http://www.moncler-sale.org]discount moncler jackets[/url], even if you never want to. Ensuring you have good systems, documentation and professional advice with regard to things like intellectual property, agreements and contracts (shareholder, partner, client, etc.) and financials serves you well in a speedy due diligence or just running your business successfully.Chris Kassardjian and Frank Kusmer: Principals and co-founders, CK Global SolutionsEvery business owner will eventually retire and pass his or her company on to the next generation, sell the business or close it.The statistics are sobering: only 20% of all small businesses for sale are actually sold, and only three in 10 family-owned businesses survive the transition from their founder to the next generation.Too often, the owners of small and family-run businesses don’t even consider the question of who will succeed them until it’s too late.Succession planning is a long-term process, not a one-time event, and you should plan at least five years in advance. It helps to formally determine who will take over your business and how that transition will occur. It begins with a detailed analysis of your business and its current value. If your business has suffered financially, strategies to turn the business around first need to be implemented.A well-designed succession plan helps ensure the financial stability of your business and your retirement capital. It also includes reducing tax liabilities, estate planning and a timetable for transfer of ownership. Components include the timing of retirement, who will continue to manage the business, whether it should be sold instead, if you will remain involved after retirement, how ownership will be transferred, the capabilities of any successor and many other factors.An essential part of the succession planning is the need to openly discuss the issue of succession with family members, key managers and employees. Failure to communicate is one of the biggest obstacles to a successful succession. While much depends on other people,[url=http://www.moncler-sale.org]moncler sale[/url], it starts with the owner of the business. Using advisers with succession planning expertise is critical to ensure the business is properly analyzed,[url=http://www.moncler-sale.org]moncler down jackets[/url], appropriate strategies are developed and the process is smooth.Tags: lifestyle,[url=http://www.moncler-sale.org]moncler outlet[/url], David Lam, Judy Brooks, Deloitte & Touche LLP,[url=http://www.moncler-sale.org]discount moncler jackets[/url], shareholder, mining, entrepreneur
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