|
New Year's Resolution - Plan Your Transition
The New Year brings with it a time of renewal and a fresh perspective on business ownership and transition. There is a real possibility that come next January 1st, the current tax rates for capital gains, gift and estate taxes will sunset. If this change occurs, it will most likely leave you and your family with significantly less wealth as the government executes a new plan to increase its share.
So what can you do about it? Not much about tax policy, but keeping an eye on what is occurring in Washington is a prudent thing to do. Although you won't have much say regarding what happens on Capitol Hill, you do have control of what is happening in your business. Creating and having a plan to build the business value you need to successfully transition your business is a great New Year's resolution.
Unfortunately, fully 90% of private business owners don't plan, or at least put their plans in writing. It's true that business plans, strategic plans, continuity plans, succession plans, and transition plans all take time to think about and write. In many cases, the owner doesn't have the personal talent or the talent in-house. That's where companies like Owner's Edge can help. We have a process for planning each and every one of them.
Perhaps this is the year for you to resolve to break out into the 10% that do have plans? You may want to consider the following as a framework
for a plan to build your business with your transition in mind.
Finding your Omaha: Goal Setting
It cannot be stated enough times that setting goals is the first step towards achievement. This is particularly true when those goals are in writing. We have a process we call 'Finding Your Omaha' as a marker you can use to start the process. Is it something you need? Answer these simple questions:
- Have you taken the time to determine what it is that you really want from your business?
- Do you have a timeline or at least an ending age in mind?
- Do you want your business profile to look like it looks today?
- Is your business all about you? Can it survive without you?
- Have you shared your goals with anyone in your business? More than just one or two people?
- Are you stuck in the mindset of 'running' and not 'owning' your business?
If you answer 'no' to any more than two of these questions, you probably don't have a plan, or you have one that is not working.
Owners who manage their businesses need to weigh many different considerations in their daily decision- ...(read more)
|
|
Our Commitment to our Customers
We help our owner/clients articulate their vision into the strategies and operational actions necessary to make their profits sustainable and their business transferable. This creates true and meaningful value.
|
|
About Us
Owner's Edge is a business advisory and consulting firm specializing in helping business owners work on their businesses by devising and implementing strategies to drive operational excellence every day. We are one of the few advisor firms that can provide a formal and comprehensive Transition Planning service for business owners. Call us at (401) 451-9799 or email TStocker@OwnersEdgeLLC.com for a
no-obligation consultation today.
|
|
|
| Pinnacle RI Exit Planning Chapter Meeting | Thursday, February 2, 2012 at the Crowne Plaza Hotel in Warwick; 7:30 AM - 12:00 PM
Topic: Business Succession Planning with Intentionally Defective Grantor Trusts
7:30 AM - 10:00 AM
Guest Speakers Kathleen Ryan, Trusts and Estates Partner at Partridge Snow & Hahn LLP and Theodore Howell, Partner and Co-Chair of Corporate Group at Partridge Snow & Hahn LLP
10:15 AM - 12:00 PM
Case Study
Cost: $45 for non-members
This meeting is also open to business owners.
Continental breakfast will be served.
Please register online at www.RIExitPlanning.com.
For more information, call (401) 451-9799.
|
| Executive Briefing: Business Transition Strategy Planning | Wednesday, February 22, 2012 at the Hope Club in Providence;
8:00 AM - 10:00 AM
This educational breakfast is tailored especially for business owners and their key advisors. Learn why it is important to plan your transition, where you should start, what your transition options are, who is involved in the process and when they need to enter into the process. A continental breakfast will be served. Reserve your seat today and feel free to invite members of your advisory team.
Host & Speaker:
Tom Stocker, Managing Director, Owner's Edge
Cost: $25
Kindly RSVP by February 17, 2012 to Lauren McCarthy, Newberry PR & Marketing, (401) 433-5965 or lauren@newberrypr.com.
|
|
