Succession Planning Question 6: What about insurance and buy-sell agreements?
Succession Planning Question 6: What about insurance and buy-sell agreements?
Sometimes even an employee with good job skills and experience can create problems with fellow employees that drain enthusiasm and impact productivity. That’s why it’s important to consider a job candidate’s personality and track record before making a hiring decision.
Succession Planning Question 5: How sound are your financial statements?
Succession Planning Question 4: How can you retain key employees.
Succession Planning Question 3: How much is your business worth?
In the past few years, businesses waited all year long to find out if Congress would increase the standard 179 deduction limited from $25,000 to a larger amount. This made it difficult to plan significant year-end purchases—often leaving buyers scrambling to negotiate deals and take delivery in the midst of the holiday break.
CNC shop owners tend to be independent types. After all, that's why they run their own businesses. For some, this independent streak also means they seldom take advice from others. However, few of us are skillful in every aspect of owning and operating a business. That's why it makes sense to consider developing a board of advisors made up of people with various talents that compliment your own.
Succession Planning Question 2: Do you plan to sell the business? If so, to whom?
Succession Planning Question 1: What is your personal vision and timing?
Most manufacturing business owners are much more interested in starting and running their shop than planning for the day they step away from it.