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business succession planning Archives

Businesses can benefit from succession planning

Business owners in Florida may be particularly concerned with how their business will continue to progress after they decide to retire or move on. Succession planning can be an important part of ensuring that a company is viable for the future and not only for the present. Of course, many companies do not want to focus on succession because they are more concerned about developing their potential in the present. However, succession planning can be a part of business development, especially because training and growth in the workplace are an important part of any plan for the future.

Succession planning when the future is uncertain

It's important for all business owners in Florida to make plans for succession. Whether it's brought on by a death or retirement, a company will need to change hands at some point. This will be less complicated if family members are already part of the business and ready to take over. However, it is more common for the situation to be more complex.

The different ways to step away from a company

Succession planning is important for business owners in Florida and throughout the country. This can be true whether an owner plans to sell a company or transfer it after death. There are multiple ways in which a business can be sold. The first method is to sell it outright for cash or assets. If the company is sold for fair market value, there is no need to pay gift or estate tax.

Family business owners can plan for the future

When a business owner in Florida thinks about the future of their company, their mind may turn to succession planning. Making these plans can be critical to keeping a firm profitable and successful for many years. However, many family business owners neglect to put a plan in place to prepare for a generational transition. Some may find it difficult to consider handing over an enterprise to their children or dealing with disinterested or squabbling family members.

Kramer A. Litvak, P.A.
226 East Government Street
Pensacola, FL 32502

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Phone: 850-308-1677
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