This Succession Planning online training course is designed for small business owners. Developing your succession plan is a process that requires you to make many decisions, some of them complex. The earlier you start this process, the more successful it will be. The three modules in this course will help you think about your exit strategy, initiate the process of valuing your business, and discover how to get the most for your business when the time comes.
This Succession Planning online training course explores the process of identifying and developing new leaders who can replace old leaders when they retire or move on.
In the first module, we will discuss how to decide what exit strategy is best for you, how to replace yourself in the business, and how to identify your transition objectives.
In the second module, you will begin the important process of valuing your business. First, you must identify the factors that drive the value of your business. Second, if, like most business owners, you don't already know the approximate value of your business, you must choose a method of valuing it.
In this last module, you will examine strategies for getting the most for your business when the time comes to sell.
Course Learning Objectives
By taking this online Succession Planning, the user will learn:
- Describe the most frequent choices for transition.
- List the steps for selecting a potential successor.
- Recall the three primary objectives that every business owner wants to achieve in a successful transition.
- Explain how to identify your transition objectives.
- Recognize the importance of planning for an unexpected succession event.
- Identify the key factors that drive business value.
- Explain how the choices for transition will influence your prioritizing of the value drivers.
- Recall methods of valuing businesses.
- Explain how the business wealth transfer process works.
- Recall some common techniques for transferring business wealth to the owner.
- List the tax deferral techniques.
- Recall the steps involved in the process for selling a business.
- Explain the differences between a strategic and financial buyer.
- Discuss selling shares and assets from the buyer’s and seller’s points of view.
This online Succession Planning course is made up of the following sections:
- Your Exit Strategy
- Valuing Your Business
- Getting the Most for Your Business
This Succession Planning online training course was designed for small business owners.
If you have any concerns as to whether this course is appropriate for you or your industry, please browse our full selection of online courses.