most people who own a business on so that it focuses a great success. Few of us spend so much time worrying about the business or smashing it goes to someone else.
In general, it is not enough time to take care of the day every "what if". But succession planning is not a new idea. Business leaders have long struggled with ways to not only retain talent, but also cultivate new leaders.
fall with the weight of the economy on the shoulders of small and medium entrepreneurs more and more, what happens behind these enterprises to the people, an urgent problem is. If you mashed carefully to your business from the ground, you do not want to know it will continue to grow, even if you are not actively investigated? Download Are you perhaps a healthy business down if you are no longer at the helm? Will your business be crippled due to the inability to pay the estate tax?
Proper planning can take the guesswork. If your intention is to start your business in order to sell it down the road, then you will need an aggressive growth plan and exit strategy in place. However, if you have one, "business for life" plan, then you can grow slowly and with a smaller budget, but you still need to have a succession plan for your business.
A person who knows what it means to have a business for life, is Bill Pedersen of Pedersen's Rentals. His father, the company in 1949. Bill joined the family business in 1969. Today began Pedersen's Rentals has grown to be the largest party rental company in the Pacific Northwest, but Bill is now at a stage where it on gradually passing away day -day responsibility of the company to his two daughters - both also own part of the business.
Bill is proud that his daughters part of a new and diverse group of entrepreneurs who contribute to a strong, local economy. Rhonda Pedersen, Director of Sales always planned to run their own business in Pedersen Rentals and was able to implement new and creative ideas to grow the business. She plans with their creativity, continue the event planning business to keep it fresh and interesting.
Bills best advice to other entrepreneurs is to plan ahead, do not hesitate and secure in your organization strong leaders who can you believe run the business well without your leadership. Make sure you know what costs are involved to transfer your business, the ownership of and make sure to get the best advice from your banker, lawyer and accountant. Seek professional advice for real estate and retirement planning and make sure that you before you set aside enough money from your business, transition property for your retirement.
Many financial institutions offer financial planning services to take into account various aspects of a succession plan as business tax issues, insurance, estate planning and investment and pension planning. Relying on this expertise means that the entrepreneurs can concentrate on what he or she does best.
"It is usually several hours takes to pull together, provide insight into your corporate structure and even to check a couple of hours the information with a certified financial planner the necessary documents," says Cindy Taylor, vice president of sustainable Wealth management team at Vancity. "The financial planner can provide detailed advice on how your company can best protect for the future. It is worthwhile to take the time for succession planning".
Bill Pedersen vision for the future is that his daughters maintain their leadership position in the party rental business and make to adapt to the changing needs of the market continue a great job. Bill rests easy knowing the company he is working so hard to continue to build an additional 60 years for growth, since it has worked closely with his daughters, to lay a good foundation for the future.
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