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Avoid Succession Planning Mistakes

Succession Planning Mistakes

A succession plan that fails is your most costly financial mistake. For the majority, the business is their most valuable asset. Most rely on the sale of the business for retirement income. The odds of failing are high. 75%-85% of businesses never sell. The high costs of succession planning mistakes are strong reasons to plan wisely. We have collected more than 45 succession mistakes. All have multiple steps required to curb potential problems.

One way we help is the list below that explains mistakes that succession planning can prevent. These are a starting place for you. Some might not fit or apply to your specific situation. However, they are points to check. Ask us questions. We are ready to help with detailed succession planning actions for your consideration.

What’s your Succession Planning Best Next-StepSM

Succession planning is not brain surgery. We have refined the how-to-sell process to make it easier for clients.

Succession Planning Mistake #5. Missing the basics of keeping good business records is the biggest stumbling block to selling success. Most companies do not have ‘good basic records’ to answer tough questions from potential buyers, bankers, and many others. Businesses keep records, because they have to. Few keep records to manage the business better.

The first things buyers ask for are records to review. When a potential buyer gets poor records, they leave never to call you again. That’s reasonable, right?
Did you know that “the average executive wastes six weeks annually searching for important documents lost in among the clutter.” Wall Street Journal

What’s your Succession Planning Best Next-StepSM

There are nine questions about record keeping you must answer with yes, or you will not sell for a good price.

The nine questions take less than 30 minutes, and you can start your planning in just 10 more minutes. The screening result will give you useful succession information and startup planning worksheets, your Best Next-StepSM.

The Succession Records Check, SRCSM is $199, and we do our consultations conveniently by telephone appointments. Call 513-266-3226 for details and to set your appointment.

Business succession planning is your personal success process.”  

Contact Us to Start Planning