{"id":561155,"date":"2019-10-19T03:09:25","date_gmt":"2019-10-19T07:09:25","guid":{"rendered":"https:\/\/vrbbd.wpengine.com\/vrbbgreenbay\/the-hidden-benefits-of-planning-your-succession-strategy\/"},"modified":"2022-01-31T12:41:54","modified_gmt":"2022-01-31T17:41:54","slug":"the-hidden-benefits-of-planning-your-succession-strategy","status":"publish","type":"post","link":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/the-hidden-benefits-of-planning-your-succession-strategy\/","title":{"rendered":"The Hidden Benefits of Planning Your Succession Strategy"},"content":{"rendered":"
\"\"<\/p>\n

Succession planning is something that many business owners fail to think about; however, it turns out there are benefits to succession planning that might not be immediately obvious upon first glance.\u00a0 In this article, we\u2019ll explore a recent Accountancy Daily article, \u201c<\/span>Succession Planning for Business Owners<\/span><\/a>,<\/span>\u201d which details the wisdom and benefits of succession planning.<\/span><\/p>\n

Accountancy Daily polled 500 SME owners and uncovered a variety of interesting facts.\u00a0 At the top of the list is that one-third of owners felt more confident about the future of their businesses when they had a coherent succession strategy.\u00a0<\/span><\/p>\n

In what can only be deemed a surprising finding, the poll discovered that 17% of respondents noted that succession planning actually brought them closer to their families.\u00a0 In short, the Accountancy Daily poll found that succession planning came with a variety of unexpected benefits.\u00a0 In other words, it is about more than preparing to hand one\u2019s business over to a new party.<\/span><\/p>\n

Author Glen Foster makes the point that business owners frequently underestimate the level of effort and time needed to sell a business.\u00a0 The fact is that selling a business is usually a layered process that can even take years to complete.\u00a0 Importantly, business owners must understand that in the time it takes to sell, the market may have changed or their own financial or personal situations may have changed as well.\u00a0 Additionally, selling can be an emotional and stressful process which further complicates the entire matter.\u00a0<\/span><\/p>\n

For most business owners, selling a business represents the single greatest financial move of their lives.\u00a0 As such, it is often accompanied with significant stress and anxiety.\u00a0 It is essential not to underestimate the emotional and psychological side of the sales equation.\u00a0 Properly planning years in advance for the sale of a business will help business owners prepare for the emotional and psychological stress that can result from both the sales process and the eventual sale itself.\u00a0<\/span><\/p>\n

A key part of the stress of selling a business is that business owners are often left wondering \u201cwhat comes next?\u201d after selling.\u00a0 Developing a succession strategy is a way to think through such issues well in advance.<\/span><\/p>\n

Another key aspect of succession planning is to take the steps necessary to make sure that your business is ready to be sold.\u00a0 As Foster points out, you wouldn\u2019t put a home on the market with significant problems, and the same holds true for your business.\u00a0 If you want to receive the optimal price for your business, then your business should be in tip-top shape.\u00a0 This means diving into your books and records and getting everything in order.\u00a0 Working with an accountant or an experienced business broker can be invaluable in this process.<\/span><\/p>\n

Copyright: Business Brokerage Press, Inc.<\/a><\/p>\n

dolgachov\/BigStock.com<\/a><\/p>\n

\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Succession planning is something that many business owners fail to think about; however, it turns out there are benefits to succession planning that might not be immediately obvious upon first glance.\u00a0 In this article, we\u2019ll explore a recent Accountancy Daily article, \u201cSuccession Planning for Business Owners,\u201d which details the wisdom and benefits of succession planning. […]<\/p>\n","protected":false},"author":2,"featured_media":561157,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,8,2],"tags":[],"class_list":["post-561155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-seller-articles","category-seller-faq","category-selling-a-business"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/posts\/561155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/comments?post=561155"}],"version-history":[{"count":0,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/posts\/561155\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/media\/561157"}],"wp:attachment":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/media?parent=561155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/categories?post=561155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/tags?post=561155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}