In response to thoughts and concerns like these, BSR was created to help you achieve your goals and objectives for yourself, your family, and your business. Our focus is on business continuation planning, a topic often confused with estate planning. The difference is that estate planning is considerably more narrow in scope, and generally focuses upon the avoidance or payment of estate taxes. Business continuation planning includes everything from wills and trusts (traditional estate planning tools) to family counseling and strategic planning (tools well beyond the reach of estate planning). It applies to you in all stages of life. Consider other areas in which business continuation planning applies: Planning your retirement — you are planning for the business to continue after you retire. Expanding your business — in finding the money for that expansion you are considering how the business might continue in the future. Ending a marriage — without planning, the business could be weakened or destroyed by the divorce of an owner. Deciding who will take over or inherit your business — you are determining how your business will survive through the next generation and beyond. The reason for the broad scope of business continuation planning is expressed in the name — our purpose here is to continue the business. It is fairly common for planners and consultants to assume that the standard objectives of avoiding taxes, preserving the business within your family, etc., are among your objectives. These may be perfectly appropriate for inclusion in your planning. However, the key is that you must decide your objectives — all of your objectives. Thus, our planning model is based on a simple creed: the achievement of your objectives is the measuring stick for your plans. Other areas which can impact your business and personal asset planning include: - Strategic Planning
- Communication
- Leadership & Ownership
- Debt & Equity Financing
- Sale & Purchase
- Insurance These are most likely topics you have dealt with in your business before, but may not have integrated into your succession planning efforts.
It was easier when we were struggling — at least then we knew what we needed to harder!
I built this business for my family, but they don't seem to care about it the way I do.
I've worked hard to build a successful business — how do I ensure it will stay that way?
I've been working for 30 years on the success of my business — now I'd like to have time to enjoy it.