cs3 Starting from scratch 20 years ago, Kathy built a successful chain of specialty boutiques. After years of 12-hour days, Kathy is looking forward to retiring from the business some day. Because she has always expected to gradually hand the reins over to her daughter, Christina, he never spent enough time grooming a layer of senior management. Last night, Christina broke the news to her mom. Christina has decided to leave the family business and start her own venture. In a moment of shock, Kathy saw her retirement dreams crumble. She wonders how much longer she is going to have to work. THE PROCESS OF PREPARING TO TRANSFER YOUR BUSINESS BEGINS 3-5 YEARS IN ADVANCE. Once you have decided to think about transferring ownership, there is much to do. We work with you to help restructure your affairs with the transfer in mind. Why begin so early? If you hope to sell in 3 years, there are only 750 working days left to put your house in order.
CFG Business Solutions
Family Business Succession & Wealth Governance Life Insurance Solutions
CFG Business Solutions

Books

 

Keep or Sell Your Business...
How To Make The Decision Every Private Company Faces

by Mike Cohn with Jayne Pearl
October 2000
Dearborn Publishing
Chicago

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What the Experts have Said

"For those facing the profoundly complex and emotionally entangling 'keep or sell' decision, this book will be a practical relief. There's also lots of value in this book for all other business owners and entrepreneurs."
—John L. Ward, Co-founder
The Family Business Consulting Group Inc.

"A must read for every family business owner or stakeholder who is determined to take the business to the next level. This book provides insightful, provoking thoughts and ideas that will guide the stakeholder from the initial steps of thinking through the selling decision to the end result of what to do after the sale."
—Mark Feldman, CPA
GenSpring Family Offices

"Thanks in large part to the death tax, the decision about whether to sell a business or keep it in the family is one of the toughest choices today's business owners face. In this book, authors Mike Cohn and Jayne Pearl offer a port in the storm—sound business, financial and emotional advice—to entrepreneurs who are struggling with the enormous life transition."
--Jack Faris, President and CEO
The National Federation of Independent Business (NFIB)

 

 

Passing the Torch: 
Succession, Retirement & Estate Planning in Family-Owned Businesses

by Mike Cohn
2nd Ed.,1992,McGraw-Hill
(Currently out of print)

Passing the Torch supplies a complete blueprint for devising a succession-planning strategy today. This 2nd edition is packed with worksheets, action plans, illustrations and value case studies of actual family businesses in transition.

Find it online at BookFinder.com

 

 Life Insurance Solutions
Case Study 7