Succession Planning

4 Takes on Succession Planning: Part 2

By |2019-09-03T09:50:04-05:00August 14th, 2019|Advisory, Change, Internal Control, Morale, Preparation, Succession Planning|

You’ve worked hard to build your business, and it’s a big part of who you are. No matter how great the selling price, how capable your successor, or how excited you are for the next phase of your life, change is hard. Our friends, Bob Hodges and Colin Hendricks, and their estate planning group from [...]

4 Takes On Succession Planning-Part 1

By |2019-06-18T12:48:06-05:00March 27th, 2019|Advisory, Change, Internal Control, Morale, Preparation, Succession Planning|

You’ve worked hard to build your business, and it’s a big part of who you are. No matter how great the selling price, how capable your successor, or how excited you are for the next phase of your life, change is hard. Our friend, Rena Striegel, owner of Transition Point Business Advisors, is focused on [...]

Goal Setting – The First Step in Succession Planning

By |2019-09-17T09:39:50-05:00December 6th, 2018|Advisory, Change, Internal Control, Leader, Preparation, Shareholder, Succession Planning|

Many of us can relate to trying a new diet or exercise program at some point in our lives. What was the key component to success or failure in the program? For me, the answer is easy—my success depended on a few things: Did I fully “buy-in” to the program? Did I completely let go [...]

10 Reasons for Your Nonprofit to Develop a Succession Plan

By |2019-07-09T09:52:40-05:00October 8th, 2018|Goals, Nonprofit, Preparation, Succession Planning|

Succession planning is a huge topic in business right now and at TDT we repeatedly talk about it with our for-profit clients. Record numbers of nonprofit executives are preparing for their retirement, making this topic incredibly important and timely. Start Now! For many nonprofit organizations, conversations regarding succession planning are past due, putting the organization [...]

Planning For Your Succession? Ask Yourself These 6 Questions

By |2019-04-10T13:26:00-05:00September 26th, 2018|Business Valuation, Preparation, Retirement, Succession Planning, Value|

A captain doesn’t decide on a whim that he or she is going to sail around the world tomorrow. The voyage will take proper planning, appropriate resources, and a skilled co-captain. The same can be said for succession planning. Business owners, like captains, must plan and consider many variables before selling or transitioning their business [...]

3 Steps in Creating Your Succession Plan

By |2019-04-10T13:30:06-05:00September 14th, 2018|Goals, Preparation, Succession Planning|

Finding time and enough resources to commit towards a multi-step, multi-year succession plan, while managing the controlled chaos of running a business can be daunting. When time is the most precious resource we have, spending it thinking about how to get out of a business we spent our lives getting into seems illogical. However, those [...]

Estate Planning vs. Succession Planning – What’s the Difference and Why Are They Important?

By |2019-04-10T13:31:51-05:00April 3rd, 2018|Estate Planning, Litigation Support, Succession Planning|

Strong succession plans are vital to the sustainability of the business and should include family meetings to discuss plans to join the business and the vision for the business . For even the most successful closely held business owners, succession planning can be even more difficult than other critical business decisions they have faced. One [...]

What Determines Fair Market Value?

By |2017-10-13T11:43:25-05:00October 5th, 2017|Business Valuation, Succession Planning|

A recent Minnesota case illustrates how multiple sides in a lawsuit can come to widely varying estimates of the value of a business.  In Lund v. Lund, 27-CV-14-20058, Hennepin County, Minnesota, the plaintiff had tried for nearly twenty years to obtain a buyout order for her 25% interest in the Lund businesses.  Lund included a [...]

Common Strategies when Planning Your Business Succession Plan

By |2017-10-13T15:39:44-05:00August 17th, 2017|Gifts, Preparation, Succession Planning|

Vicki Beckey, CPA, CFF, CSEP, Principal and head of TD&T’s estate department, provides some thoughts on planning for business succession.   Most business owners are busy running their business rather than focusing on business succession.  Business owners need to be thinking about what will happen to their businesses when they retire, die or become unable [...]

Developing Leaders Within the Organization

By |2017-04-21T12:52:46-05:00July 1st, 2016|Advisory, Leader, Nonprofit, Succession Planning|

Succession planning for executive leadership is a major concern for many nonprofit organizations, but a significant part of the solution may lie within the organizations themselves. Providing leadership training to managers can help them develop the skills they would need to advance in the organization and ease the burden of searching for replacements for executive [...]