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Succession Strategies

Why Plan Now?

 

    Succession Planning needs to be done early and often.    

   

    In our experience, the most successful businesses and professional practices have 2 plans, a disaster plan and a planned exit or succession plan.  Click here for the benefits of succession planning.  Of course, those benefits can't be achieved if the plan isn't started and implemented.  A succession plan can take 3 - 7 years to develop and implement.  As the saying goes, every journey begins with a single step.  So, take that step now and contact us now if you want to realize the benefits.

 

    Perhaps you created a plan many years ago.  That plan needs to be reviewed and evaluated to determine whether the strategy still makes sense, has the business of practice value changed, is enough insurance in place.  We have reviewed a number of existing plans and made suggestions for improvement, often saving significant dollars for the business/practice owner in the process.  An old buy-sell or succession plan plan that has been ignored may be wasting money now and leave your business and estate underfunded when you are gone.

 

    People buy life insurance and fire extinguishers and back up computer hard drives to protect their families, businesses, practices and valued possessions because unexpected bad things can and do happen.  What would happen to your business or practice if you died or became permanently disabled?   A disaster plan incorporates a strategy to retain and compensate key employees, identifies who will have control, whether the business or practice will be sold and, if possible, appoints a corporate officer to act for the business or practice immediately without the delay inherent in the probate process.  Since none of us knows when catastrophe might strike, immediate action is necessary.

 

    When it comes to developing a disaster plan, time is not on your side. The passage of time alone will not bring you closer to your goals.  Without a comprehensive plan, the passing of time will deliver your retirement, your business, your family, heirs, and loved ones to an appointment with chaos.

 

    Contact Harbor Succession Strategies as soon as possible for a free initial consultation regarding your succession and disaster plans.