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Successful Family business Transition Doesn’t Happen by Accident!

Successful Family business Transition Doesn’t Happen by Accident!. Plan for the sale or transfer of your business. Prepare in advance for the sale or transfer of your business following an event such as Premature death Disability Divorce Retirement.

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Successful Family business Transition Doesn’t Happen by Accident!

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  1. Successful Family business Transition Doesn’t Happen by Accident!

  2. Plan for the sale or transfer of your business • Prepare in advance for the sale or transfer of your business following an event such as • Premature death • Disability • Divorce • Retirement

  3. Don’t let your family owned business become a statistic! • Over 90% of all business enterprises in North America, and the majority of businesses internally are family owned • Only 30% of all family-owned businesses survive into the second generation • Only 12% make it to the third generation • Only 3% of all family businesses continue to operate at the fourth generation level and beyond

  4. Prepare by communicating • One of the greatest problems facing succession planning in most family businesses is the failure of the current owner(s) to communicate effectively with all family members • If future generations fully understood each other and both supported a common plan for the future of the business, there would not be such dismal statistics on keeping the family business in the family.

  5. The Typical Business Plan • Working with a typical advisor the business owner shares his/her desires without benefit of family members input • The business owner frequently want to have “all children” treated equally • This is the reason why statistics are so appalling

  6. The FBR Plan • The Family & Business Renewal Model was designed to understand more completely the wishes of not only the business owner, but everyone else in the family as well • The core of the process for a Wealth Transfer Specialist is to assist business owners in determining what the business owner’s desire is and to do what is best for both the family and the business • With the backing of the business owner the FBR planning process becomes a powerful tool with real prospects for success

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