Business Succession Plan

This is a chosen path for family-run businesses, where children of the founder often work for the company, giving them an intimate perspective into how the company works.As this is a major family decision, it has the potential to impact the dynamics of a family.

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The Bell Brothers headquarters sits on the former site of a coal distributor.

President Jason Gassmann’s office is situated where a giant scale once weighed heaping loads of coal.

There’s a common misconception about business succession planning.

It has a reputation for being a process business owners take when they’re nearing retirement.

Long before our everyday lives became digital, siblings Bob and Maurice Bell founded Bell Brothers, their heating and cooling business in Des Moines, Iowa.

Back then, the brothers simply followed the installation of natural gas lines throughout the city to build their business, converting furnaces from burning coal to gas. Bell Brothers employs 90 people working on vastly different equipment, and the company is in the hands of its second family of ownership, the Gassmanns (pictured above).

It’s important to remember that, when done well, a business succession plan can take five or more years to roll out.

Getting a head start positions you and your company for success as you’re prepared to decide what happens when you sell up, leave the business to someone else, or retire. Includes all you need to promote your product or service widely — social, search, the works.

If the company is family-run, the weight of the decision can be extremely stressful. That’s why there are various pathways to consider, based on the structure of your company.

If you started your business with someone, you can sell your shares to your co-owner(s).

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