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Business Succession:
"The Final Test of Greatness"
(title adapted from the 2011 book by Craig E. Aronoff, Stephen L. McClure, John L. Ward)
"The final test of greatness in a CEO is how well he chooses a successor and whether he can step aside and let his successor run the company."
- Peter Drucker
For most family and closely held businesses, succession planning is the toughest and most critical challenge they face.
Successfully Exiting From the Business Partnership
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Planning and Budgeting for Seamless Business Succession
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Reviewing and Creating Appropriate Legal Documents to Avoid Future "Unintended Partnerships" with Partners' Spouses or Children
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Exploring Future Options: Whether to Prepare the Business for Outright Sale, Sale to Partners, Form ESOP, etc.
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Understanding Capital Costs and Tax Implications of Different Options
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Selecting Future Leadership, Designing Development Plans, and Mentoring
- Mediating Partner Disagreements and Leveraging Differences
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Structuring Exit Plans and Agreements
"To sell or not to sell, that is the question..."
Successfully Passing on the Family Business
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Planning and Budgeting for Seamless Family Business Succession
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Exploring Options: Should You Prepare the Business for Outright Sale, Sale to Successors, Pass it on to Successors, Form an E.S.O.P., etc.?
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Understanding Capital Costs, Tax Implications of Different Options, and Their Interface With Estate Planning
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Selecting Future Leadership, Designing Development Plans, and Mentoring
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Balancing Fairness and Equality in Family Business Succession
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Defining the Roles of Key Employees and other Non-Family Stakeholders in Succession
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Mediating Inter-generational Disagreements and Harmonizing Differences
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Changing Roles at Succession: The Founder’s Challenging Task
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What Legacy Do You Want Your Family Business to Create?
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Assisting Heirs to Manage Wealth Successfully
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Reviewing and Creating Appropriate Legal Documents