Succession Planning for Business Owners: Passing the Torch Without Losing Control
Description
Episode Summary: In this episode, James Creenan discusses the importance of succession planning for business owners. He highlights the critical aspects of succession planning, including transferring ownership, handing off management, and ensuring a smooth transition to the next generation. James emphasizes the need for early planning and differentiates between ownership, management, and control in the succession process.
Key Timestamps:
00:00 – Introduction
01:30 – Prompting factors for succession planning
03:15 – Realistic succession plan in Pennsylvania
04:45 – Transferring ownership vs. handing off management
06:20 – Managing succession in family-run businesses
08:10 – Legal and financial tools for successful transitions
09:45 – Common pitfalls in DIY succession planning
11:20 – Tax and estate planning considerations
13:00 – Getting started with succession planning
14:30 – Involving key stakeholders in the planning process
About the Show: *Pennsylvania Counsel* podcast focuses on providing valuable insights for business owners, professionals, and contractors in Western Pennsylvania. Each episode features discussions on legal matters, succession planning, and estate management to help listeners navigate complex business challenges effectively.
United States
