Blog

Category: Succession Planning

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December 8, 2021
Could an FLP Fit Into Your Succession Plan?

Among the biggest long-term concerns of many business owners is succession planning — how to smoothly and safely transfer ownership and control of the company to the next generation. From a tax perspective, the optimal time to start this process is long before the owner i...

November 29, 2021
IRS Announces Adjustments to Key Retirement Plan Limits

In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights:...

June 2, 2021
The Long and Short of Succession Planning

For many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention of giving up ownership anytime soon....

March 10, 2020
How’s Your Buy-Sell Agreement Doing These Days?

Most companies wouldn’t go into business without some basic types of insurance in place, such as property coverage and a liability policy. For a company with more than one owner, there’s an additional type of risk-management arrangement that needs to be established: a bu...

September 17, 2019
The Succession and Retirement Planning Puzzle

Succession and retirement planning is an interesting puzzle.  Everyone needs to plan for retirement. But as a business owner, you face a distinctive challenge in that you must save for your golden years while also creating, updating and eventually executing a succession pla...

March 8, 2019
Using Knowledge Management to Develop Your Succession Plan

As the old saying goes, “Knowledge is power.” This certainly rings true in business, as those who best understand their industries and markets tend to have a knack for staying on top. If that person is a company’s owner, however, great knowledge can turn into a vulnera...

December 10, 2018
Succession Plans for Family Businesses

Those who run family-owned businesses often underestimate the need for a succession plan. After all, they say, we’re a family business — there will always be a family member here to keep the company going and no one will stand in the way. Not necessarily. In one all-too...

November 29, 2018
The Importance of Internal Leadership Training and Development

Many factors go into the success of a company. You’ve got to offer high-quality products or services, provide outstanding customer service, and manage your inventory or supply chain. But there’s at least one other success factor that many business owners often overlook: ...

November 16, 2018
A Balanced Evaluation Approach to Working in Retirement

The decision to work after “normal” retirement age is one that more and more of us are facing these days and for a variety of reasons. Here at BB we are asked the “should I retire question” frequently as more of our clients are facing possible retirement. We counsel ...

September 10, 2018
Valuation Issues in your Buy-Sell Agreement

Every business with more than one owner needs a buy-sell agreement to handle both expected and unexpected ownership changes. When creating or updating yours, be sure you’re prepared for the valuation issues that will come into play....

June 7, 2018
Could a Long-Term Deal Ease Your Succession Planning Woes?

Some business owners — particularly those who founded their companies — may find it hard to give up control to a successor. Maybe you just can’t identify the right person internally to fill your shoes. While retirement isn’t in your immediate future, you know you mus...

May 20, 2018
Exit Planning Strategies Event

Please join us on May 30th for "Plan Today - Exit Tomorrow". This event at the Metropolitan Ballroom & Clubroom will focus on key strategies for a smooth transition. Complimentary registration is available for business owners and executives who are considering pursuing an ...