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Business Resources - Business Succession

Why Plan Now?

 

Operational & Strategic Benefits

A retirement plan can help reveal operational weaknesses that can be fixed in time to maximize value before retirement. Retirement planning can also become a "second vision" for your business, asking extra-long-range strategic questions such as:

  • What is the future direction of the business?
  • What products or services will we sell in 10 years? 20 years?
  • How will our markets change in that time?
  • What types of people and resources will we need to be competitive?
  • Who are the key people to develop and nurture for the future?

By its nature, a retirement plan needs the support of the future leaders, who must work with you to implement. In the end, the strategic advantages of retirement planning can include:

  • motivating key employees or family members to educate, train or otherwise prepare for future roles;
  • aligning the needs of the company with available resources;
  • helping the company recruit and retain better people;
  • encouraging new ideas to improve internal processes and outside opportunities; and
  • clearing the air, lessening disappointment and possible departures of key people.
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08/23/2010 16:11:48