Blog Library

As a Business Owner, What Will Your Retirement Look Like?

Posted by Jane Johnson on Wed, Aug, 30, 2017 @ 01:01 PM

“In the end, it’s not the years in your life that count. It’s the life in your years.” ~ Abraham Lincoln

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Topics: business transition, business owner retirement, planning retirement, business owner planning retirement

Beyond the Great Unknown: Overcoming Fears about Transition Planning and Retirement

Posted by Jane Johnson on Thu, Jul, 20, 2017 @ 03:02 PM

In a recent post Baby-Boomer Business Owners Are Still Not Planning, we talked about some of the reasons why business owners aren't planning for their eventual transitions and retirement, including the complicated emotional issues that emerge around finality, mortality - and a loss of one's sense of self and purpose. 

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Topics: business transition planning, business owner retirement, planning for retirement, business owner fear

Baby-Boomer Business Owners Are Still Not Planning

Posted by Jane Johnson on Tue, Jun, 20, 2017 @ 02:03 PM

When you consider that the majority of business owners are baby-boomers, it's surprising that only around 40% of them have a business transition plan in place, according to a recent report from RBC Wealth Management Services

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Topics: baby boomer businesses, estate planning, succession planning, business transition planning, baby boomer business owners, business transition plan

Understanding the Critical Components of a Succession Plan

Posted by Jane Johnson on Mon, May, 29, 2017 @ 05:21 PM

Succession planning involves replacing the current owner in the business using a well-planned transition, so that the business can successfully operate without interruption, regardless of the owner’s continued involvement. This will require a capable and engaged successor and management team who have been sufficiently groomed and mentored, and who are responsible for the overall operation of the business. All of this requires ample time, effort, and tools to develop necessary talent.

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Topics: succession planning, choosing a successor, Grooming a successor, family business successors, succession plan

Choosing and Grooming the Most Qualified Successor for Your Business

Posted by Jane Johnson on Mon, May, 15, 2017 @ 11:04 AM

Ownership transition is the process of transferring the legal ownership of a business from the current owner to the new owner(s). Business succession is the process of transferring leadership from the current CEO to a family member or key employee. Choosing the right successor is probably the most important decision for any internal transition since the company’s future viability and a current owner’s future payments are dependent on the new leader. Let’s look at some of the most important things an owner will need to consider as they look to transition the business internally and begin grooming a successor.

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Topics: succession planning, Grooming a successor, leadership development, leadership training

Successfully Transitioning Your Business to an Internal Buyer

Posted by Jane Johnson on Tue, May, 02, 2017 @ 01:13 PM

Most business owners have the goal that they’ll sell their business one day to a third party for its full value to fund their retirement, but the reality is that very few businesses that go to market actually sell. According to BizBuySell’s recent national report, only one in every five businesses listed for sale actually sold in 2016. While this may sound rather dismal, there are other options for owners. In fact, approximately two-thirds of the business owners we work with choose to transition their businesses internally.

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Topics: succession planning, succession, choosing a successor, Grooming a successor, family business successors

Should I Consider an ESOP for My Business? Part 2

Posted by Jane Johnson on Wed, Apr, 05, 2017 @ 06:32 PM

In part 1 of our series on ESOPs (Employee Stock Ownership Plans), we discussed some of the basics of these plans, including some of the major benefits of this type of transaction for a business owner. During our recent webinar with ESOP attorney Tabitha Croscut, we delved further into some of the finer details of what ESOPs are, how they work, and what types of companies are good candidates for ESOPs.

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Topics: business transition, business transition planning, due diligence when selling your business, ESOP, Employee Stock Ownership Plan, business transition plan

To Insure or Not to Insure? Part II: Real Life Case Studies

Posted by Jane Johnson on Thu, Mar, 16, 2017 @ 11:05 AM

 

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Topics: selling a business, selling business to employees, process of selling a business, Life insurance, life insurance to protect wealth

Business Owner Webinar: Learn What You Need to Know if You're Considering an ESOP for Your Business

Posted by Jane Johnson on Wed, Mar, 01, 2017 @ 02:25 PM

Please join Jane Johnson and the Business Transition Academy for our next webinar "Is an Employee Stock Ownership Plan (ESOP) the Right Strategy to Achieve Your Business Transition Goals?" with special guest Tabitha Croscut, Shareholder, Devine Millimet, Attorneys at Law. 

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Topics: ESOP, Employee Stock Ownership Plan, selling business to employees, selling to your employees, planning to sell your business

Should I Consider an ESOP for My Business? Part 1

Posted by Jane Johnson on Mon, Feb, 27, 2017 @ 07:18 PM

Business owners who are thinking about transitioning out of their businesses have to consider both the financial as well as non-financial implications of the path they choose to follow. Two of the most frequently mentioned owner concerns related to their transition include achieving their long-term retirement goals and making sure their employees will be taken care of. After all, they have depended on their employees to ensure the smooth operation of the business and want to reward them for their dedication and hard work. To achieve both of these objectives, owners may to consider an Employee Stock Ownership Plan (ESOP) as a viable ownership transition strategy.

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Topics: ESOP, Employee Stock Ownership Plan, business transtion, selling business to managers, selling business to employees