What Is Business Planning?
Many families have a substantial part of their wealth tied up in a business they have built and own. Whether in formation, an early stage or a more mature stage of development, business owners need techniques to grow and formalize their business arrangements, establish rights among partners, provide for and retain key employees, plan for retirement, protect their assets and plan for succession and their transition or exit from the business.
The goals you have for your business do not just happen. Every business has some form of business plan or strategy, whether an informal in-your-head plan or a formal, elaborate written plan. The difference though can be quite significant.
Why is the expenditure of the effort and resources necessary to establish and maintain a thorough and well thought out business plan justified? The answer lies in the greater predictability of the desired outcome when following a plan. Quite similar to following a well drawn map to reach a destination in an unknown region, a well drawn business plan can significantly increase the probability not only that you clearly define your goals, but that you reach those goals with the least amount of difficulty.
Business owners face their most critical decisions in three general time periods: (i) at start up and formation; (ii) during growth and expansion; and (iii) during your transition and exit from the business you have worked so hard to create. A carefully crafted strategy and a thorough business planning process can make a significant difference in the timing and ultimate success achieved. We want to be an ongoing member of your trusted advisor team to assist in carrying out and adjusting the plan developed. We offer a detailed planning process and convenient service bundles to address your most critical needs during each of these important phases.
In general they include:
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