TITLE

Business Succession Strategies That Work

AUTHOR(S)
Harris, Jeff
PUB. DATE
April 2007
SOURCE
CPA Wealth Provider;Apr2007, p20
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article offers effective strategies for a successful family business succession in the U.S. It is noted that many baby-boomers in the nation own successful businesses and they are seriously thinking about passing it on to the next generation. Considering that 65% of the second-generation family business fail, it is essential to build up a successful family succession plan. A proven process designed to enact such plan which include creating a family vision statement is then discussed.
ACCESSION #
24819123

 

Related Articles

  • The 'What if...?' scenario aids in succession plans. LANIER, JOHN A. // Family Business;May/Jun2013, Vol. 24 Issue 3, p16 

    The article discusses the use of a "What if...?" scenario framing technique by family business leaders to address succession planning proactively. The need for leaders to plan for success and determine what tasks to delegate and to whom those tasks should be delegated are mentioned. Applying...

  • LA GRAN PRUEBA FINAL. Moncada, Jorge F. // Entrepreneur Mexico;jul2007, Vol. 15 Issue 7, p64 

    No abstract available.

  • The unpassable torch. Herceg, Rosemary; Flattery, Tim // BRW;1/31/2002, Vol. 24 Issue 4, p26 

    Describes succession planning for family-owned businesses. Characteristics of innovative succession plans; Case study on succession planning; Challenges in succession planning.

  • Keeping family dynamics from becoming dynamite. Stern, Michael // Fairfield County Business Journal;5/28/2012, Vol. 48 Issue 22, p12 

    The article discusses the things to consider in making family business successful with details on the five key transitions common to businesses which include employing family members, developing a business plan, and managing succession.

  • Planning Is The Key To Any Transition. O'Bee, Gerald // Grand Rapids Business Journal;01/14/2002, Vol. 20 Issue 2, p17 

    Discusses the role of planning in a sound business succession program. Challenges of succession planning; Selection and training of a successors; Roles for key employees.

  • Family Business Succession Planning: Devising an Overall Strategy. White, William S.; Krinke, Timothy D.; Geller, David L. // Journal of Financial Service Professionals;May2004, Vol. 58 Issue 3, p67 

    Devising and implementing an effective family business succession strategy requires much more than simply estimating the value of the business and buying life insurance to cover any transfer taxes due or to "equalize" the estate among all heirs. This approach skips too quickly to identifying and...

  • SUCCESSION PLANNING HOW TO AVOID FAMILY FRICTION. Duffy, Stephanie // Accountancy Ireland;Aug2011, Vol. 43 Issue 4, p26 

    The article focuses on the importance of early succession planning in family businesses to achieve successful business transition and avoid long-term family conflicts. It mentions the factors affecting family harmony such as entry and exit of family members and leadership succession. It notes...

  • Succession plan essential to family business survival. GRAY, ANDI // Westchester County Business Journal;12/7/2015, Vol. 51 Issue 49, p19 

    The article focuses on the importance of providing a succession plan among family businesses to survive its ownership considering the significant of sharing control and ownership in empowering and engaging people. Topics discussed include building a plan to grow the company's revenue and profit,...

  • Have a plan in mind, if you're planning to give. Kinsella, Gail // Business Journal (Central New York);7/1/2005, Vol. 19 Issue 26, p14 

    Focuses on the importance of succession planning to businesses. Bequests or gifts at death; Financial strategy and charitable intent.

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics