We have all heard the headlines and stories:
- “Owner Suddenly Dies. Company dissolves due to lack of Ownership Transition Plan”
- “Siblings in Massive Lawsuit over Corporate Ownership Structure”
- “Corporate Value Depleted Due to Stock Selloff”
- “Who Will Lead the Corporation after Death of Primary Owner”
The list of possibilities are endless, but the point is clear; without a good plan and a proper structure and communication, ownership and management transition within any company is headed for a rocky journey. What is more incredible is that a considerable amount of frustration and trouble can be avoided by one simple action; taking the time to complete the transition plan.
This really is a simple case of putting off for tomorrow what could be identified and addressed today. The questions and answers are not necessarily easy, but as a Business Owner, or as a Key Manager or possible Successor in the Business, identifying the important assets (both people and physical) and developing the proper plan makes all the difference in legal, financial, and stability matters.
Ask yourself this question: Do you want a heart attack, or an accident to be the decision maker when it comes to who is next in line to run your Business?
Contact Mile Marker Business and Consulting Services, LLC today. Let’s start a conversation about the future of your company, and discuss the next few steps to planning a stable future for your Business!