Put the 'success' in succession planning
Jacksonville Business Journal
Estate Planning and Administration Partner Mil Hatcher was quoted in a Jacksonville Business Journal article titled, "Put the 'success' in succession planning."
The article discusses the importance of succession planning for business owners. Mr. Hatcher points out that whether business owners like it or not, all businesses will have to make some sort of transition eventually. "There is going to be a succession, or an exit," he said. "The question is whether it’s going to be orderly or chaotic." He warns that putting a plan together can be not only extremely sensitive, but also complex. Plans can vary from one business industry to the next, one business owner to the next and one family to the next. “There are as many variables as there are clients. You can’t use a cookie cutter approach to say this is the universal approach," he said. Ultimately, succession plans should include those who will manage the business and family members who are not part of the business but who will receive some sort of financial inheritance from the business and estate taxes.
To read the full article, please click here.
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