Common Problems Facing Entrepreneurs:
- No plan for passing the business
- Control vs. ownership; when to pass control
- Over-concentration of assets creating liquidity and diversification problems
- No catastrophe contingency plan to handle the “Red Beer Truck” event to the owner or key management
- Attracting, retaining and rewarding key executives to build a strong management team
- Estate tax issues; step up in basis/installment sale; need for liquidity
- The role of estate planning in the succession plan
- Family involvement
- What role does the spouse play? If the owner is gone, how is the spouse paid?
- Non-operating children; treating them all equally
How Prepared Are You?
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Revealing Questions for Your Key Management Team.
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