A solid succession plan can drive business growth, reduce taxes and, in family-run businesses, preserve harmony within the family while carrying on your legacy.
Whether your succession planning includes an outside buyer, a merger or acquisition, or you are passing your business internally to a predetermined individual or family member, it is a process you want to approach thoughtfully and strategically.
When an exit strategy is planned out, it can:
- Reduce your company’s risk and protect the future of your employees,
- Generate buyer interest,
- Increase valuation for owners/shareholders, and
- Set the stage for retirement.
In this video, MFB managing partner Tom Terry speaks about the transitions that should take place as part of a successful exit strategy.