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When the owners
of a business slow down, retiring age, seriously disabled
or dies, a change in management is always almost necessary.
At this stage, business owners would rather not contemplate
to do planning. Being ON the business at this stage requires
more effort and resources as the crucial issue determines
the continuation of the business. Business owners are
usually being on a look out by hostile takeover by others
at this stage. |
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Succession planning is important for all businesses,
no matter how distant the actual succession may seem. A succession
plan is a formal process that determines how a business will
be transferred during the lifetime or even upon death to others,
outlining the steps necessary to prepare for feuds arises
among the partners and for that transition for new owner.
Preparing such a plan early is important, even if you don’t
plan to retire for many years. An unforeseen event could suddenly
make it impossible for you to continue operating your business.
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Are you ON or IN your Business? Are
these your concerns…?
- I’m running a family business with my siblings with
constant Family Feuds. What will my exit and cashing
out strategy be? How to pass down the baton to the
next Generation?
- My business is picking up, how to prevent money
greed among my partners and plan for our Corporate
Will?
- How do I plan to exit and still have a consistent
income after that? Will my partners allow it?
- My partners are older than me, they will probably
leave the business first. What would happen to their
shares? I do not wish his family members to succeed
him and become one of the partners
- I plan to start up business with my friends. What
kind of agreement should I put in place to prevent
misunderstanding in future?
- Will my partners still pay the same amount of perks
(that I’m currently enjoying) to my wife upon my death?
how do I make sure that my surviving partners do not
shortchange my wife?
- How do I protect my company from the effects of
death and disablement of the Key Person in my company?
- I have Muslim partners in most of my businesses.
What are the implications if I don’t plan and upon
their demise, how would the Syariah Law of Distribution
affect me and the business?
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Defining Business Succession Planning
The process by which a business owner plans
for the successful transition of their business investment
in order to maximize its value thus, maximizing the return
on investment for the largest component of one’s personal
assets, estate, and life’s work. By planning for succession
its liquidity and marketability will be increased.
To enable us to
understand you better, please proceed to
Business Succession Planning Health Check
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