What Is an Estate Plan?

Posted by Winifred "Wini" Cannon | Sep 16, 2020 | 0 Comments

We've done a lot of talking about business succession planning, which deals with how you can continue your business and how the business would continue if you or a key person were no longer there. So we understand what we need to do to keep your business running. We also understand how we ca...

What Is a Business Succession Plan?

Posted by Winifred "Wini" Cannon | Sep 16, 2020 | 0 Comments

Let's think about your business. You went through different stages to create and form your business entity. Then you basically looked for the right people to carry out your business concern. And of course you made decisions in order to make your business sustainable and profitable. The key q...

Should I Have Multiple Successors?

Posted by Winifred "Wini" Cannon | Sep 16, 2020 | 0 Comments

Should I have more than one successor? The answer is YES. But you need to prioritize the order in which the persons would serve. Let me give you an analogy... A hypothetical scenario Let's say you're going to give the power of attorney to a loved one or a trusted friend. What happens if B...

Retirement Exit Strategies

Posted by Winifred "Wini" Cannon | Sep 16, 2020 | 0 Comments

Baby boomers don't like to think about exit strategies. We want to live forever. However, one thing that I would recommend is that you know the date that you want to leave the company. And during the last three years of that time, use your time to mentor your replacement. Of course, by that ...

Retirement And Business Succession Plans

Posted by Winifred "Wini" Cannon | Sep 16, 2020 | 0 Comments

Let's talk about your business succession plan and retirement. We already know that you want to have a business succession plan for the business to continue when you're no longer a part of it. And you may not be a part of it if there should be some incapacity or a death. If you want to retir...

Multi Modes of Business Succession Plans

Posted by Winifred "Wini" Cannon | Sep 16, 2020 | 0 Comments

Business succession plans work whether you're a sole owner or you're in a partnership, a limited liability company, a large corporation, or a small corporation. The key part of the business succession plan is to make sure that you are taking steps to replace key people during the life of you...

How To Select Your Successor!

Posted by Winifred "Wini" Cannon | Sep 16, 2020 | 0 Comments

When selecting a successor, you always begin with the end in mind. It's important to look within your organization to see if there's a talent or a person that you could groom to be your replacement. You often don't have the benefit of knowing though. If you're planning your retirement and there...

How Does An Entity Purchase Agreement Work?

Posted by Winifred "Wini" Cannon | Sep 16, 2020 | 0 Comments

Entity Purchase Agreements can be used as vehicles to ensure the continuity of your business. Here is how it works: The entity would purchase life insurance policies on all of the owners, and thereby the entity would be both the owner of the policy and the beneficiary. In other words, that w...

Family Owned Businesses and Succession Plans

Posted by Winifred "Wini" Cannon | Sep 16, 2020 | 0 Comments

Let's talk about family owned businesses and succession plans. You've had the discussion with your family members, but you also need to have the discussion with yourself and maybe other people who are involved in the organization. They have contributed to building your company but do not have a...

Consensus in Business Plans

Posted by Winifred "Wini" Cannon | Sep 16, 2020 | 0 Comments

You may have a situation where either your partners are not in agreement about having a business succession plan or you just can't get everybody to the table because it's a low priority item. In such a case, it's critical to basically invest in the people who work around you to lift their moral...

Can I Modify A Business Succession Plan?

Posted by Winifred "Wini" Cannon | Sep 16, 2020 | 0 Comments

Are you wondering whether or not you can modify your business succession plan? Yes, you can. While you want to have a framework, you always want to review it at least annually to see whether or not you're on track. What you should review You always want to understand whether you have talent...

Appoint A Successor or Sell Outright?

Posted by Winifred "Wini" Cannon | Sep 16, 2020 | 0 Comments

Many people prefer to continue their business as opposed to selling it outright. Your options Here are the options that you have when you have formed a business entity: You can continue the business with the succession plan, you can sell it outright, or you can do nothing. If you do nothing, ...

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