{"id":952,"date":"2022-04-19T18:09:13","date_gmt":"2022-04-19T18:09:13","guid":{"rendered":"http:\/\/gpswp.com\/bradyassetmanagement-2\/?p=952"},"modified":"2024-02-02T23:07:18","modified_gmt":"2024-02-02T23:07:18","slug":"why-family-businesses-should-have-succession-plans","status":"publish","type":"post","link":"https:\/\/gpswp.com\/bradyassetmanagement-2\/2022\/04\/19\/why-family-businesses-should-have-succession-plans\/","title":{"rendered":"Why Family Businesses Should Have Succession Plans"},"content":{"rendered":"\n\n

\n\n\n\n

The family drama surrounding an aging media mogul \u2014 and his unresolved succession plans \u2014 are at the center of a hit television show.<\/p>\n\n\n\n

In fact, only 18% of family businesses have a documented and communicated succession plan in place.1<\/sup> Much like the fictional billionaire in \u201cSuccession,\u201d some leaders avoid the issue because they love running their businesses and don\u2019t want to stop any time soon.<\/p>\n\n\n\n

But one never knows what the future has in store. Even if you are happy, healthy, and determined to stay involved in your business for years to come, you might be glad you took the time to develop a thoughtful succession plan.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Set a Target<\/strong><\/p>\n\n\n\n

It might be wise to have a realistic retirement date in mind. Any effort to identify and groom a successor might take longer than you expect. And if you plan to sell your company, it could take several years to find a qualified buyer, begin the ownership transition, and finalize the transaction. To get the best possible price and terms, you may need to focus on improving the company\u2019s balance sheet before you put it on the market.<\/p>\n\n\n\n

Stage Your Exit<\/strong><\/p>\n\n\n\n

Keeping your business in the family may be an easy decision if an adult child or another relative is capable, willing, and prepared to take over. If so, finding ways to reduce the value of the business on paper could help you gift ownership shares with fewer tax consequences. Otherwise, it may be possible to sell your business to co-owners, outsiders, or even your own employees. Closing and liquidating the assets could be the only viable option for some businesses.<\/p>\n\n\n\n

Invest for Retirement<\/strong><\/p>\n\n\n\n

Making annual retirement plan contributions with some of your profits can build wealth outside of your business and help insulate your personal financial picture from risks associated with your business\u2019s distinct market. Building a separate investment portfolio might also provide greater flexibility during and after a transfer of ownership.<\/p>\n\n\n\n

All investing involves risk, including the possible loss of principal, and there is no guarantee that any investment strategy will be successful.<\/p>\n\n\n\n

1) US Family Business Survey, PwC, 2019<\/p>\n","protected":false},"excerpt":{"rendered":"

The family drama surrounding an aging media mogul \u2014 and his unresolved succession plans \u2014 are at the center of a hit television show. In fact, only 18% of family businesses have a documented and communicated succession plan in place.1 Much like the fictional billionaire in \u201cSuccession,\u201d some leaders avoid […]
Continue Reading <\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"acf":[],"yoast_head":"\nWhy Family Businesses Should Have Succession Plans - Brady Associates Asset Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Family Businesses Should Have Succession Plans - Brady Associates Asset Management\" \/>\n<meta property=\"og:description\" content=\"The family drama surrounding an aging media mogul \u2014 and his unresolved succession plans \u2014 are at the center of a hit television show. 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