Business Succession Planning – Passing on the baton
As successful business owners age, they may realise the need to plan for the next generation to take over the family business. Their biggest concerns will be fragmentation of ownership, succession of the management, breakup, or sale of the business by the next generation.
The answer lies in having a proper family business succession plan where the business can thrive beyond three generations. We are more than happy to share with you on how to ensure the smooth transition from one generation to another for the succession of the family business.
Making a family business a family legacy takes planning and preparation. While each family business has its own unique issues, there are some common strategies associated with succession planning. A good start is to consider the following steps:
Step 1: Give the family a reason to continue the family business
Step 2: Develop a management team
Step 3: Structure a business succession plan
Step 4: Fund the business succession plan
Step 5: Wealth replacement for other family members
Step 6: Have a successful business
Contact me today if you wish to discuss further!
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs.
Published By:
Samantha Lim 林淑燕
Wealth Strategist | Will & Trust Specialist | Passive Income Architect
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说真的，时间才是最贵的成本。 现在的每一份行动，都是在给未来的自己减压。生活难免有突发状况，但只要财富是井然有序的，心里就会踏实很多。别再观望了，趁现在一切都在掌控中，咱们赶紧把这块拼图补上。
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我的想法其实很简单：用靠谱的策略，换你一份长久的底气与安心。
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