Asset Protection & Business Succession Strategies

(www.compactequip.com)

Business succession planning involves planning for the smooth continuation and success of a business from generation to generation. The general statistics quoted by experts say that only 30 percent of the businesses will survive to the second generation and just 10 percent will survive to the third generation. What are the reasons for this lack of success? There are five basic factors that affect the success or failure of the business succession:



The senior generation does not spend enough time on succession planning
The successor’s abilities don’t meet the company’s real needs
Estate taxes
Potential lawsuits
The changing business environment