Establishing a Franchise Succession Plan

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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, many entrepreneurs 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:

josh@franchiseeuphoria.com

www.franchiseeuphoria.com

www.franchiseeuphoria.com/franchise5

About the author, Josh

Josh Brown is a franchise and entrepreneurial attorney that helps buyers, owners, and expansion-minded businesses find success through franchising. When not working on his two businesses, you can find him on the golf course or spending time with his wife and three beautiful daughters.

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