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Yankton, SD 57078
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Put Together a Team

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As you've grown your business, you’ve no doubt sought out advice and guidance along the way. Hiring the right professionals—attorneys, accountants, financial advisors, business appraisers, and business intermediaries—will help ensure you have the best possible succession plan in place when it is needed. A team of outside professionals will be able to look more objectively at your business and the goals you've set and then advise you on how best to proceed with your business plans. This process can work well for you because you may then focus on what you do best—running your business. 
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Involve Family Members Early

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Bringing your family into the planning process early on inevitably helps to ensure a smooth transition and certainly tends to create more goodwill and support.

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Train Your Successors

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Training and working one on one with the person you've selected to take over your business can be tremendously beneficial in helping to ensure a successful transition for the new owner. In addition to helping your successor with the practical value of learning the ins and outs of your business, this certainly can add value to your business and may also become an important part of the negotiation process.
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Consider the Financial Impact

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Developing a financial plan is a crucial part of the overall succession plan. Planning ahead can help to ensure your heirs will not be burdened by heavy gift taxes. Regardless who takes over the business, having confidence that the valuation of your business has been assessed accurately, helps to bring you peace of mind.

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Asking the Tough Questions

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Oftentimes, business owners would like to turn their business over to an eldest son or daughter so they may follow in their footsteps. It’s important to carefully consider whether he or she is really the right person to take over the operations of the business. Working with an objective intermediary can often be helpful as they may ask you to consider all of your options. For example, perhaps there may be another family member, or even someone else within the business that may be more qualified and capable and, expresses a sincere interest and desire to run your business. Often, selling to an outside party may be the best option. Utilizing a business intermediary can guide you through this process, helping to ask the tough questions, identifying potential buyers and advising you on options for structuring a successful transaction.

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