"Your success is our business"

WHAT IS SUCCESSION PLANNING ADVICE?

 

Succession planning can generally be described as the transition of ownership of a business entity to the next owner/operator. This ownership can be an external party or within a family group.

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In many cases it is passing on a family business to a younger family member, who has been involved in the business for a period of time, while parents may wish to retire or take a lesser role in the business. This can be a farm or any type of business and can be tricky when other family members not involved in the business are to be considered.

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Succession planning can take a lot of thinking time on what is fair both to older and younger members alike. It needs a fair consideration of what is being transferred and what is expected, and so really is part of an overall plan for the business future.

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Succession plans can be completed in many ways, and varied, and require lots of communication by the parties involved.

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Sheridan Partners have been involved in a number of such cases and are well versed in handling the world of succession planning.

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