Why Business Owners Don’t Plan for Succession…And Why it’s Critical

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Many business owners procrastinate in creating a formal succession plan. They have many reasons for not planning ahead. But to achieve the best outcome for yourself and your family members, you need to have a solid exit strategy. Here are five of the top reasons why business owners ignore succession planning, along with the reasons why a proactive approach will result in the best outcome.

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Generation Z

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Generation Z is beginning to infiltrate the workforce. Are you prepared? While distinctive generational characteristics are often exaggerated — possibly even stereotyped — an overview may help you anticipate what’s to come. Here’s a look at the attitudes and behaviors that some observers attribute to members of Gen Z. You might be surprised….Read More

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More to Business Valuation than Meets the Eye

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business-valuationValuing a business requires more than merely dropping numbers into a “black box” and waiting for the answer to be spit out. Using their professional judgment and specialized training, appraisers consider a broad range of internal and external factors before arriving at reliable conclusions of value. Business owners and professional advisors who understand what happens “behind the scenes” can facilitate the business valuation process.

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How Elements of Control Affect the Valuation of a Business Interest

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Control is important to investors.  And they usually will pay less for a business interest that lacks control over key decisions. As a result, the old adage “the whole is greater than the sum of its parts,” can — and often does — apply to business valuations. This article provides an in-depth example to explain how control affects the valuation of a business interest.

 

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Reliable Experts Are Independent Experts

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Valuation Expert WitnessA valuation expert witness builds on a solid foundation constructed by a reputable source — or multiple sources — to reach a reliable conclusion. These are the assumptions and sources underlying the expert’s opinion. But when an expert isn’t given the opportunity to question assumptions provided by management or the attorney or to perform independent analyses and research, he or she might not survive a Daubert challenge in federal court.

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The Shareholder Agreement – Preparing for the Unexpected

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shareholder_agreement small_business“The best laid schemes o’ mice and men go oft awry,” wrote Robert Burns, and this certainly applies to even the best-run family businesses. A shareholder agreement helps prepare for the unexpected and lays out the ground rules of a small business in terms of governance, succession, the transfer of assets, liquidity and other issues. Think of it as a prenuptial agreement for a family business — a mechanism to reduce hard feelings and provide for an equitable distribution of assets.

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Why Is the Business Valuation Date so Important?

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When one considers how the value of an asset will be determined, it’s common to think about which method the appraiser will use or whether discounts may apply. A critical factor that might not immediately come to mind is the valuation or appraisal date. This article explains why the “as-of” date matters and how the purpose of the valuation guides this decision.

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