Business Owners Advised to Consider Their Succession Planning
With around a third of family businesses surviving into a second generation and over 10% into the third generation, a successful company can turn into a valuable heritage that is passed from one family member to the next.
Perth, Australia – September 30, 2017 /PressCable/ —
With around a third of family businesses surviving into a second generation and over 10% into the third generation, a successful company can turn into a valuable heritage that is passed from one family member to the next. However, a big stumbling block in this respect is that many entrepreneurs fail to carry out good succession planning in time.
This is seen by a lot of business people as being an awkward and time-consuming process. This is often the case but the alternative is that the company may peter out instead of being passed onto the next generation as a thriving going concern.
Craig Ridley, who is the Founder of YourBusinessCoachingClub today mentioned to his members that, “entrepreneurs invest a lot of themselves in building up a business and take a lot of pride in it. Therefore, passing it on to a relative eventually is a powerful statement of how much they value their family.”
He carried on by identifying a number of areas in which succession planning can be carried out more smoothly and effectively. In total, there are four areas he mentioned and these are; making an early start on the planning process, getting advice from an attorney, building up a strong reputation, and being patient.
Mr Ridley summed up the matter by saying that, “passing on a family business can be a hugely stressful and emotional issue with a number of unique issues. Because of this, it is something that needs to be carried out carefully and professionally from the beginning right through to the end.”
YourBusinessCoachingClub is an innovative, modern online business coaching club that allows entrepreneurs to grow their companies in the way that best suits them. It consist of two main elements; tailored business coaching and an accessible network of business contacts. The YourBusinessCoachingClub method can be sample from just 50 cents per day.
Name: Craig Ridley
Organization: PGW Solutions Pty Ltd
Address: GPO Box R1254, Perth, Western Australia 6844
For more information, please visit https://yourbusinesscoachingclub.com/
Release ID: 244622