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Business Owner Succession Strategies

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How can you enhance your financial readiness?

Submitted by Business Owner Succession Strategies | Edina, Minnesota on July 24th, 2022

As you may know, Exit Planning includes “financial readiness.” A well thought out plan addresses how much you will need in retirement. We just had our Freedom Point deeper dive webinar this week and we talked about how to calculate your Freedom Point.

 

Tags:
  • Business Owner
  • Exit Planning
  • financial readiness
  • Retirement Planning
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How Business Owners May Benefit from Working With a CEPA

Submitted by Business Owner Succession Strategies | Edina, Minnesota on June 26th, 2022

If you own a business, there are many decisions to make on a day-to-day basis. But, when it comes to selling your business, transferring it to key employees or family members, or retiring, planning can often become more complex. It is essential for business owners to have an exit plan as they transition to the next phase of life.

Tags:
  • Business Owner
  • Exit Planning
  • Exit Strategy
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3 Estate Planning Tips for Small-Business Owners

Submitted by Business Owner Succession Strategies | Edina, Minnesota on April 6th, 2022

For business owners, estate planning may seem like another task to do on a long to-do list. Having a solid estate and succession plan in place may be crucial to your business's long-term success. If you are incapable of making business decisions, or if you unexpectedly pass away without an estate plan, your heirs may scramble to keep your business afloat.

Tags:
  • Business Owner
  • Estate Planning
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Sustainability For Small Businesses

Submitted by Business Owner Succession Strategies | Edina, Minnesota on April 6th, 2022

There has long been a perception that “going green” adds to the cost of doing business.

Tags:
  • Business Owner
  • Eco-friendly
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Business Planning for Continuity - "Life After Death"

Submitted by Business Owner Succession Strategies | Edina, Minnesota on March 4th, 2022

For the owner of an interest in a small- to medium-sized business, such as a proprietorship, partnership, or corporation, the problem of an untimely death cannot be underscored too markedly.

 

Tags:
  • Business Owner
  • Business Planning
  • Continuity
  • Partnership
  • Proprietorship
  • Read more

FIVE ATTRIBUTES OF SUCCESSFUL ENTREPRENEURS, FIVE TIPS FOR RUNNING A BUSINESS AND SUCCESSION PLANNING 101

Submitted by Business Owner Succession Strategies | Edina, Minnesota on March 4th, 2022

What does an entrepreneur need to create a dynamic company? The right mindset is a big part of it.

As an entrepreneur, you devote half your time or more to the daily hustle, making things happen and accomplishing goals. The other half is looking ahead, knowing where you want to be and when. For some, overcoming the mental anxiety of uncertainty is the first big step.

Tags:
  • Business Owner
  • Entrepreneurs
  • Succession Planning
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The Solution to the Rainmaker’s Dilemma

Submitted by Business Owner Succession Strategies | Edina, Minnesota on February 23rd, 2022
According to the Value Builders Systems company, they recently concluded a survey of more than 23,000 business owners and found that almost half of those businesses were run by rainmakers. What that means is that the business owner is responsible for more than 75% of the company’s revenue.
Tags:
  • Business Owner
  • Exit Planning
  • Owner-Centric Business
  • Rainmaker
  • Succession Planning
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How to Hire Your Children

Submitted by Business Owner Succession Strategies | Edina, Minnesota on December 16th, 2021

If you are a business owner with school-aged children, you may have an opportunity to help your children earn spending money, learn valuable job skills, and lower your taxes. Business owners may employ their children without paying certain payroll taxes. Children may work in their family's business at a far younger age than they could legally work for a non-family-owned company.

Tags:
  • Business Owner
  • Children
  • Employing Your Children
  • Family Business
  • Read more

The 8 Exit Strategies for Business Owners

  1. Transfer the company to a family member.
  2. Sell the business to one or more key employees.
  3. Sell to employees using an employee stock ownership plan.
  4. Sell to one or more co-owners.

What are the other 4?

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