The Importance of Business Succession Planning
Business succession plans are a vital, yet often overlooked step necessary for ensuring the longevity of any business. If your business intends to thrive well into the future, having measures in place to guarantee a smooth transition and continued profitability should be your top priority. Having an employee stock ownership plan (ESOP) as part of […]
Top Eight Strategies to Boost the Value of Your Business Before You Sell
Selling your business is a significant decision, and maximizing its value before the sale is crucial. By implementing strategic initiatives, you can attract potential buyers, command a higher price, and ensure a smooth transition. Strengthen Financial Performance Increase revenue and diversify income streams through targeted marketing, sales initiatives, and exploring new markets. Streamline costs and […]
Everything You Need to Know About ESOPs
Understanding ESOPs is essential for both employees and employers to maximize their benefits and navigate the intricacies of this ownership model. Whether you are an employee considering participation in an ESOP employee ownership plan or an employer contemplating implementing one, this article will equip you with the knowledge to make informed decisions and harness the […]
How Does an Employee Stock Ownership Plan Work?
As a small business owner, you have put countless hours and resources into building a successful company. Retirement may seem like a distant possibility but implementing an Employee Stock Ownership Plan (ESOP) can provide a wealth of benefits and opportunities for you and your employees. In this blog post, we’ll discuss the mechanics of ESOPs, […]
Why Do You Need a Business Exit Strategy?
Planning for the future is vital for small businesses to achieve long-term success. One crucial aspect of this planning is developing a well-thought-out exit strategy. In this blog post, we’ll explore the importance of having a small business exit strategy and how it can benefit small business owners in maximizing their success. Understanding Small Business […]
ESOP 101 – What You Need to Know
As a corporation, you have a lot on your plate, from managing day-to-day operations to tackling long-term strategic planning. One of the most important decisions you have to make is how to structure your ownership and management. Employee Stock Ownership Plans (ESOPs) have become increasingly popular in recent years as a way to both motivate […]
How to Develop a Succession Plan
In today’s rapidly changing business climate, it’s more important than ever to have a plan in place for smooth leadership transitions. A succession plan is a comprehensive strategy for identifying and developing potential successors for key roles within an organization. Developing a succession plan requires careful evaluation of key roles, current and future skill requirements, […]
The Importance of a Proper Business Exit Strategy
A small business exit strategy is a plan for how you will transition out of your business when it’s time to retire or sell. It includes details on how you will transfer ownership of the business, what financial resources will be required, and who will take over responsibility for running the day-to-day operations. A well-crafted […]
Succession Planning – Turning Over the Reins
As the owner of a business, it can be daunting to think about one day not being involved in the operation. Succession planning is an essential part of ensuring your business will thrive beyond your involvement. The professionals at Excel Legacy Group are experts in designing plans that support long-term continuity. Through our Employee Stock […]
What are the Three Levels of Business Succession Planning?
Succession planning for businesses is a critical process for operations of all sizes. It ensures that there is a plan in place for when the current owners, leaders, or key employees retire or leave the business. Without succession planning, businesses can quickly become rudderless and directionless, leading to decline and eventual failure. There are three […]
