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Investment advisory services including fee based asset management accounts held through NFS, LLC are offered through 1st Global Advisors, Inc. All other financial planning services are offered through Hunter Financial Services, Inc. Hunter Financial Services, Inc. is not affiliated with 1st Global Capital Corp.
 

Why Have a Succession Plan?

Why your business should have a succession plan.

Who will take over your business if something happened to you?  Would family members fight for control?  Succession planning  maps out your intentions to enable everyone--including family members--to keep business rolling along into the next generation.
 
While you would likely employ an impartial professional to design your plan, there are a few important planning steps to implement immediately:

•     Establish a "Family Council" to discuss your future plans.

•     Approach family members about their individual desires. 

•     Establish guidelines for including or excluding in-laws and others.

•     Evaluate the business--it's current value and future potential. 

•     Develop a family compensation system--including employment
       contracts for siblings.
   
•     Establish buy/sell agreements with partners.
   
•     Revise your will to include your business succession plans.
   
•     Consider buying insurance to fund succession expenses.

Young or old, succession planning will put your business in a more secure position for the future. After all, who wants to see all of their hard-earned success reduced to turmoil?