Bus 521 Business Succession Planning Paper
Assignment 5: Business Succession Planning
Professor William Laing
BUS 521
Strayer University
Business Succession Planning A business succession plan is an important part of planning a business. Without a succession plan the business can fail. A business succession plan is when a business owner has an exit plan. Having this in place secures the future of the business as well as securing the owner a plan in case things turn for the worse. This plan is not something that is planned over night, but takes time and thought that requires strategic planning.
Business Start Up Success and Failure Rate in the U.S. Market There are currently over 27 million businesses in the United States. “Between 60% and 80% of all new jobs created in our country can be attributed to small businesses,” (Small Business, 2011). There were 627,200 new businesses, 595,000business closures and 43,546 bankruptcies (Guide, 2010). Seven out of ten new employer firms survive at …show more content…
Being able to understand what Good Eats Bakery has to offer the public and also being able to understand the customers. Businesses also fail because the lack of resources to effectively analyze and create financial plans. Financial planning can be challenging and is important to allow to properly estimating expenses and sales. Good Eats bakery has a financial plan that is reviewed by an accountant on a quarterly basis. At the beginning of a new venture it can be easy for a business to over promise and under deliver. Marketing strategies can be too extreme and aggressive which in turn can be a turn off for potential customers. If the company does a great job at marketing their products but does not have the resources such as additional finances, skills supplies and employees to fulfill the needs the company can easily
Professor William Laing
BUS 521
Strayer University
Business Succession Planning A business succession plan is an important part of planning a business. Without a succession plan the business can fail. A business succession plan is when a business owner has an exit plan. Having this in place secures the future of the business as well as securing the owner a plan in case things turn for the worse. This plan is not something that is planned over night, but takes time and thought that requires strategic planning.
Business Start Up Success and Failure Rate in the U.S. Market There are currently over 27 million businesses in the United States. “Between 60% and 80% of all new jobs created in our country can be attributed to small businesses,” (Small Business, 2011). There were 627,200 new businesses, 595,000business closures and 43,546 bankruptcies (Guide, 2010). Seven out of ten new employer firms survive at …show more content…
Being able to understand what Good Eats Bakery has to offer the public and also being able to understand the customers. Businesses also fail because the lack of resources to effectively analyze and create financial plans. Financial planning can be challenging and is important to allow to properly estimating expenses and sales. Good Eats bakery has a financial plan that is reviewed by an accountant on a quarterly basis. At the beginning of a new venture it can be easy for a business to over promise and under deliver. Marketing strategies can be too extreme and aggressive which in turn can be a turn off for potential customers. If the company does a great job at marketing their products but does not have the resources such as additional finances, skills supplies and employees to fulfill the needs the company can easily