University of Southern Indiana
Next generation planning for small businesses

Why your small businesses should plan for the next generation

February 17, 2017

By Chaze Patrick, Outreach and Engagement Marketing Assistant

Planning is imperative to success, especially if you own a small business. To ensure continuity of a business; owners, shareholders and investors must look into the future for sustainability. Here are some considerations as to why you should plan for the next generation:

Achieving family goals and objectives

Commit to writing and providing a copy of the business goals and objectives to those who will implement the business plan down the road. Prepare needed documents so the next generation can meet your goals and monitor progress.

Ensuring a smooth transition

There are dynamic shifts that happen within the transfer of a business. In order for your business to flourish, estate planning is essential. Develop and implement a master plan that facilitates the distribution of property.

Minimizing taxation

Taxation can be a complex subject. Without the right team, you are leaving your personal and financial future liable. With an estate plan, these key players can help you overcome this challenge: Certified Financial Planner, Certified Public Accountant and an Estate Attorney.

Increase your chances of succession with the next generation! Check out the link to take the next step:

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