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 [email protected]. If you enjoyed this interview, please leave us a review on iTunes.   Mentioned in This Episode: [email protected] www.franchiseeuphoria.com www.franchiseeuphoria.com/franchise5