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Peace of mind

1193 BKD Category_Archives featured J. Mark Lundy Succession

Peace of mind

Succession planning is tough, but if you put a plan in place and are careful to re-evaluate as circumstances change, you can succeed. Every privately-held/family-owned business can bank on a change in ownership and a change in leadership. With the baby boom generation that is at or near retirement, there is an above average wave of ownership and leadership changes expected in all privately held companies in the near term. Even still, studies have shown that most privately held companies have not developed a formal and written succession plan. As the owner of a closely held business, you may be...

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