Franchise Euphoria Establishing a Franchise Succession Plan
Key Takeaways:
[0:22] Today’s episode of Franchise Euphoria is brought to you by The Franchise 5 package. Head over to franchiseeuphoria.com/franchise5 to learn more!
[1:01] With his two youngest daughters in the office with him today, Josh thought it was fitting to record an episode about leaving your legacy.
[2:15] Whether you decide you want to pass your business along to a family member, it is still important to at least develop a plan for your exit strategy.
[2:48] Surprisingly, most businesspeople don’t consider developing a succession plan when they start a business.
[3:10] When developing your business succession plan, Josh’s first piece of advice is ensuring that you have a qualified trust and estate lawyer who either understands business or is working with a business lawyer.
[3:25] Secondly, you need to envision at the start how (or if) you would like to see your business succeed after you exit.
[3:55] It is important to consider the tax consequences of selling or transferring a business as well.
[4:33] Thanks for listening, and please, reach out to Josh anytime through email at josh@franchiseeuphoria.com. If you enjoyed this interview, please leave us a review on iTunes.
Mentioned in This Episode: