Strategic Business Succession Planning PLUS, Free online 45 minutes 1-2-1 Consultancy Call with Rakesh Sharma
To get ahead of the inevitable changes that come with new leadership, it's vital to assess your organization's Business Succession Planning(BSP). Failure to do so can have severe consequences down the line as businesses change hands and adopt ownership structures through generational wealth transfers.
As a business owner, you'll want to make sure that your family-run company is preserved for future generations. In order to do this, implementing Strategic Succession Planning (SSP) can help the growth of the business as well as its tax benefits and set up exit plans. This will also preserve harmony within the family which helps further down the line when it comes time to hand over control or ownership from one generation's hands into another's.
Business owners need to consider in order to facilitate an orderly transition of management and ownership, including:
• How a strategic, long-term approach to business succession planning can help meet personal and business goals — and how to get started.
• Choice of entity structure,
• How management talent assessment, development and compensation planning can help solidify the next generation.
• How planning ahead for estate and gift taxes, life insurance and investments can help address family and business needs and meet exit goals.
• How to balance business needs and family concerns in order to create a long-term governance plan that can help the business and family prosper together.
• How adopting leading practices and strategies can help confirm one’s legacy isn’t left to chance.
Taken together, these issues demonstrate that succession planning is an important and evolving process. This is not a subject to be put off until later; to be done successfully, it needs to be an integral part of a company’s business strategy and operations.
Once you go through the whole video, you are getting a FREE online one-to-one Consultancy call of 45 minutes with India's #1 Succession Planning Guru, Rakesh Sharma to discuss your Strategic Succession Planning!
