How Can Business Succession Planning Protect Business Owners?

For business owners heading into retirement, planning for an eventual succession of their business can be one of the most important steps to ensuring its long-term stability and success. With the right strategy in place, a business owner can work towards a smooth transition of ownership, secure capital that will finance future growth, and ensure […]

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 […]

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, […]

Succession Planning – Turning Over the Reins

succession planning

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 […]

Succession Planning for Businesses

A Proven Model for Success and Succession Planning Employee stock ownership plans (ESOPs) have been a valuable tool for both business owners and employees in the United States. The National Center for Employee Ownership reports that there are currently around 7,000 ESOPs in the U.S., with total assets of approximately $1.7 trillion, benefiting almost 14 […]

When it’s Time To Exit Your Business, Reward Those Who Lifted You

“Responsibility equals accountability equals ownership. A sense of ownership is the most powerful weapon a team or organization can have.” – Pat Summit, former national champion women’s basketball coach The hardest part was probably getting here: Deciding to exit the company that’s been your life, and your baby, and your endless focus.  You want to […]

Business Owners: Why You Should Have An Exit Plan

Are you considering what it would look like to exit your business in a few years time? Or perhaps you’re already at the stage where you want or need to leave. The way to achieve this, with your head held high, money in your pocket, and your legacy intact, is by planning your next steps […]

 How The Inflation Reduction Act Impacts ESOPs

The simple fact is that ESOPs are here to stay as an effective and powerful business succession strategy. This isn’t merely wishful thinking from a firm of strong ESOP believers, it’s evident by the encouragement that Congress keeps showing. Take the pilot program created by Section 874 of the National Defense Authorisiation Act (“NDAA”) which […]

How Retirement Security Legislation Impacts ESOPs

A Senate committee has approved a measure to expand employee access to workplace retirement plans. It seems like a simple enough statement that might not register as newsworthy, but this is anything but simple and in fact, history has been made! In June 2022, the United States Senate Health, Education, Labor, and Pensions (HELP) Committee […]