Business planning is a big universe! It ranges from conception to startup evolving into operations, maturing and transitioning into secession and often culminating in an exit. As every business owner and executive knows all too well, there are an infinite number of challenges that can happen along the way. There is no way to eliminate problems but you can mitigate them with thoughtful planning.
Thoughtful planning will include the following examples:
- Setting up the right business from the beginning.
- Forming the right entity for tax purposes.
- Structuring the entity properly to accommodate your vision regarding management, ownership, control, allocations of profit and losses, distributions, transfers, etc.
- Protecting your intellectual property.
- Protecting your business interests with employment agreements and customer agreements.
- Ensuring ownership stays in the family.
- Transitioning management logically, practically with the right incentives in place.
- Exiting the business on good terms, maximizing upside and minimizing downside.
- Transferring the business to the next generation both in management and ownership, tax effectively.
- Minimizing litigation.
- Having flexibility to navigate life’s uncertainty.
The rest of the series will touch on these points.
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