I am a documentary filmmaker and the Founder of Studio 15, a socially responsible fashion brand. After leaving behind a 15-year career in the corporate fashion world, I started a company that focuses on doing good and supporting women.
Succession planning is a significant transition for anyone, but it presents unique challenges for business owners. After years of building and running a successful business, deciding when and how to step back can be daunting, especially for those without a clear future plan.
Succession planning should include a thorough analysis of personal and business finances. “Working with a trusted financial advisor to create a diversified retirement portfolio that minimizes risk and maximizes returns is essential for small business owners. This portfolio should consider various income sources, including savings, investments, Social Security, and potentially the sale or continued income from the business,” adds Mefford.
The Ladoga Was The Soviet Union s Plush Nuclear War Command Vehicle A Drone Just Blew One Up In Eastern UkraineValuing the business considers the business’s market position, competition, and growth potential. A professional business valuation can provide a realistic picture of what the company is worth and help make informed decisions about its future, whether selling, passing it on to a family member, or hiring management to run it.
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