BUSINESS MANAGEMENT
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What to think about when it comes to succession planning.
ditor’s Note: This article is intended to help you understand the high-level decisions and considerations you’ll need to make. This is not tax or business financial advice and should not be taken as such. Consult with your tax adviser before making any decisions regarding the sale of your business. You’re not going to work until you die of natural causes. And even if you did, you’d still need to make some plans for what happens to your business after you pass. To gain an expert’s perspective, I spoke with Khane Goodson, a certified financial planner with Citizen’s Bank.
Transition planning or succession planning? Though many people use these terms interchangeably, they have different meanings in a business setting. Succession planning is defining what needs to happen internally to ensure a smooth transfer of ownership. Transition planning involves all the legalities of transferring business ownership from one person to another. While they are different, they usually occur at the same time. If you’re going to pass the business to your children @gustavofrazao - stock.adobe.com
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