One way or another, the value of your business is going to directly affect the amount of tax you – or your heirs – will owe. Having a handle on your business value will prove invaluable.
Your Business Needs an Estate Plan, Too
A business plan includes a review of your book of business, a description of the vision, company financials, and key objectives. Planning must be done for growth between the planning and the eventual passing of the owner.
Seamless Transitions of Value and Control are Hardly Simple
Seamless transition of the ownership of a business or practice takes years of planning. Successors must be groomed and developed, and our role as advisors is to serve as good leaders in the inter-generational communication process.
COVID-19 Reminds Us to Plan for Business Continuity
COVID-19 has put on spotlight on business continuity planning, particularly for small family-owned businesses. Planning must include not only succession planning, but preparing for business disruption and maximizing the use of government support.
Proactive steps to prevent partnership disputes
Between any two people, no matter how much they agree on, there will be some things they see differently. When those two people are business partners in Indiana, the disagreement could lead to serious issues. As Business News Daily notes, a disagreement may be about...
What should I know about succession planning?
Succession planning is the process of choosing someone to take over your business after you retire. It is a crucial endeavor since the health of your business relies on quality leadership. RobertHalf.com offers the following succession planning tips so you can feel...
Should LLC business planning include a prenuptial agreement?
Starting an LLC with partners can be exhilarating. It is an excellent vehicle to learn business practices with a minimum of personal risk. Most people who form LLCs know and trust each other. LLCs, for this reason, are often compared to a marriage. Suppose five people...
