A family business is more than just a company; it’s a legacy, or maybe it’s a retirement asset. Yet, without a thoughtful and strategic succession plan, that legacy or that retirement plan is at risk. Statistics show that many family businesses fail to survive past the second generation, some don’t even make it that far. Most often the culprit is lack of formal succession planning. The good news is that a structured approach can ensure a smooth handover, preserve family harmony, and set the b...
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As a school bus contractor, you’ve built a business that helps the community while supporting your family. But what is your long term future plan? Business owners are not surprised to hear that the income and value generated by a privately held business represents about 80% of the business owner’s wealth. But many business owners focus on generating business income while ignoring business value. Your business is an income generating asset, just like the vehicles in your fleet. Contractors are ...
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