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This list contains the most polished brands, the ones that consumers believe to be the best and have the greatest brand value. Not only is perception a huge factor to your customers and potential customers, but also to businesses that look to make deals with yours and for people who may be interested in purchasing your business. When buyers are looking for potential target companies for purchase, they are looking for that extra marketable piece that adds value to the transaction. However, if one excels at providing SEO services or CRM services – that particular company made itself more valuable then its competitors and is more appealing to buyers.

* Have you thought about what you want to happen to the business if you pass away?If so, have you documented it in writing and shared it with your spouse, advisors, and/or management team?Things like:Would you want the management team to use life insurance to buy shares from your estate and run the business as owners?Do you want to leave the business to your children and have them run it? If so, have you documented it in writing and shared it with your spouse, advisors, and/or management team?Things like:Would you want the management team to use life insurance to buy shares from your estate and run the business as owners?Do you want to leave the business to your children and have them run it? Would you want the management team to use life insurance to buy shares from your estate and run the business as owners?Do you want to leave the business to your children and have them run it? * Would you want the management team to use life insurance to buy shares from your estate and run the business as owners?

The best time to have a succession plan in place is the day you start your business. First, business owners need to consider what would ideally happen under two scenarios, retirement and death. When considering retirement, business owners should think about it at least three to five if not ten to twenty-five years in advance. Business succession planning is far from one-size-fits-all plan and more like a custom “one-size-fits-one”.

You may know what business succession planning is but do you know why it’s important? During the process, the valuation is lowered by the bad year they had, and a few members of the management team leave as they hear of the sale. The transaction closes after months of trying to sell and going through due diligence with a couple different buyers. Business succession plans help make sure that if you wake up on January 5 and decide to sell, you have the opportunity to easily answer these questions and many more.