{"id":2525,"date":"2019-11-30T17:32:17","date_gmt":"2019-11-30T17:32:17","guid":{"rendered":"https:\/\/hemming.com\/?p=2525"},"modified":"2019-12-11T17:55:26","modified_gmt":"2019-12-11T17:55:26","slug":"partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz","status":"publish","type":"post","link":"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/","title":{"rendered":"Partner Jim Andersen Talks Business Succession Planning with North Bay Biz"},"content":{"rendered":"<p>Starting a business and developing it into a prosperous enterprise is a major accomplishment. And so, the desire to pass it on to the next generation and see it continue to grow comes naturally. It\u2019s a legacy that has the potential to provide security for a family, but it takes more than handing over the keys to the door. Rather, careful long-term planning for succession provides the best chance for the transition to succeed and a business to endure.<\/p>\n<p>Hemming Morse\u2019s Jim Andersen offered his insights on how to\u00a0successfully approach succession\u00a0planning to\u00a0<em>North Bay Biz <\/em>for its November issue.<\/p>\n<p>He suggests that owners planning to transfer a business to the next generation first determine whether the potential successors are qualified and capable of carrying the business forward. He finds that in families with more than one child, the parents often are so concerned with fairness and treating the children equally that they fail to make wise decisions.<\/p>\n<p>\u201cIf parents don\u2019t figure out a way to manage their estate and decide who\u2019s going to run the business, it\u2019s a problem,\u201d says Andersen. He explains that once the parents are gone, brothers and sisters don\u2019t necessarily get along, and greed can preclude common sense and prevent a business from moving forward. \u201cIf you don\u2019t have a great plan, it might be better to sell the business and let the children split the proceeds of the estate,\u201d he says. If they do sell, it\u2019s best to have experienced financial advisors with expertise in succession planning, who can recommend other team members, including a business attorney and wealth manager, to help the process run smoothly.<\/p>\n<p>Should conflicts arise, families have several options to avoid disagreements. Parents might give other assets to children who aren\u2019t interested in the business. If no one in the family is qualified, but the business is thriving, hiring a general manager or outside management is an alternative. It\u2019s a solution that allows all the children to benefit, and they can participate on the board of directors, but aren\u2019t directly involved in running the business. In larger businesses, having a paid board of directors is an important part of the transition process to make succession planning work.<\/p>\n<p>Andersen believes the best time to start succession planning is the minute one comes into ownership. \u201cBe thinking forward at all times,\u201d he says, emphasizing the importance of effective communication among family members, as well as making sure operating agreements are updated annually. Then if they don\u2019t agree, they have a way to deal with problems and avoid litigation. \u201cPutting together a defensive plan is critical because the hazards and costs of litigation when you have family disputes can be monumental,\u201d he says.<\/p>\n<p>Read the full article here:\u00a0<a href=\"https:\/\/protect-us.mimecast.com\/s\/A5FjCG6ExluJZvf7PvVq\">https:\/\/northbaybiz.com\/General_Articles\/General_Articles\/Succession_Planning.php<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starting a business and developing it into a prosperous enterprise is a major accomplishment. And so, the desire to pass it on to the next generation and see it continue to grow comes naturally. It\u2019s a legacy that has the potential to provide security for a family, but it takes more than handing over the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2263,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[9],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Partner Jim Andersen Talks Business Succession Planning with North Bay Biz - Hemming Morse, LLC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Partner Jim Andersen Talks Business Succession Planning with North Bay Biz - Hemming Morse, LLC\" \/>\n<meta property=\"og:description\" content=\"Starting a business and developing it into a prosperous enterprise is a major accomplishment. And so, the desire to pass it on to the next generation and see it continue to grow comes naturally. It\u2019s a legacy that has the potential to provide security for a family, but it takes more than handing over the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/\" \/>\n<meta property=\"og:site_name\" content=\"Hemming Morse, LLC\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-30T17:32:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-12-11T17:55:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/hemming.com\/wp-content\/uploads\/2019\/11\/absolutvision-WYd_PkCa1BY-unsplash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"John Lam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"John Lam\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/\"},\"author\":{\"name\":\"John Lam\",\"@id\":\"https:\/\/hemming.com\/#\/schema\/person\/81ea17b71d709aa286731532d2563958\"},\"headline\":\"Partner Jim Andersen Talks Business Succession Planning with North Bay Biz\",\"datePublished\":\"2019-11-30T17:32:17+00:00\",\"dateModified\":\"2019-12-11T17:55:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/\"},\"wordCount\":489,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/hemming.com\/#organization\"},\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/\",\"url\":\"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/\",\"name\":\"Partner Jim Andersen Talks Business Succession Planning with North Bay Biz - Hemming Morse, LLC\",\"isPartOf\":{\"@id\":\"https:\/\/hemming.com\/#website\"},\"datePublished\":\"2019-11-30T17:32:17+00:00\",\"dateModified\":\"2019-12-11T17:55:26+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/hemming.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Partner Jim Andersen Talks Business Succession Planning with North Bay Biz\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/hemming.com\/#website\",\"url\":\"https:\/\/hemming.com\/\",\"name\":\"Hemming Morse, LLC\",\"description\":\"Forensic &amp; Financial Consultants\",\"publisher\":{\"@id\":\"https:\/\/hemming.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/hemming.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/hemming.com\/#organization\",\"name\":\"Hemming Morse, LLC\",\"url\":\"https:\/\/hemming.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/hemming.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/hemming.com\/wp-content\/uploads\/2019\/09\/Asset-1@4x.png\",\"contentUrl\":\"https:\/\/hemming.com\/wp-content\/uploads\/2019\/09\/Asset-1@4x.png\",\"width\":1344,\"height\":221,\"caption\":\"Hemming Morse, LLC\"},\"image\":{\"@id\":\"https:\/\/hemming.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/hemming.com\/#\/schema\/person\/81ea17b71d709aa286731532d2563958\",\"name\":\"John Lam\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/hemming.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7328fddefd53de471baeb6e2b764f78a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7328fddefd53de471baeb6e2b764f78a?s=96&d=mm&r=g\",\"caption\":\"John Lam\"},\"url\":\"https:\/\/hemming.com\/author\/johnlam\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Partner Jim Andersen Talks Business Succession Planning with North Bay Biz - Hemming Morse, LLC","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/","og_locale":"en_US","og_type":"article","og_title":"Partner Jim Andersen Talks Business Succession Planning with North Bay Biz - Hemming Morse, LLC","og_description":"Starting a business and developing it into a prosperous enterprise is a major accomplishment. And so, the desire to pass it on to the next generation and see it continue to grow comes naturally. It\u2019s a legacy that has the potential to provide security for a family, but it takes more than handing over the [&hellip;]","og_url":"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/","og_site_name":"Hemming Morse, LLC","article_published_time":"2019-11-30T17:32:17+00:00","article_modified_time":"2019-12-11T17:55:26+00:00","og_image":[{"width":1920,"height":1280,"url":"https:\/\/hemming.com\/wp-content\/uploads\/2019\/11\/absolutvision-WYd_PkCa1BY-unsplash.jpg","type":"image\/jpeg"}],"author":"John Lam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"John Lam","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/#article","isPartOf":{"@id":"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/"},"author":{"name":"John Lam","@id":"https:\/\/hemming.com\/#\/schema\/person\/81ea17b71d709aa286731532d2563958"},"headline":"Partner Jim Andersen Talks Business Succession Planning with North Bay Biz","datePublished":"2019-11-30T17:32:17+00:00","dateModified":"2019-12-11T17:55:26+00:00","mainEntityOfPage":{"@id":"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/"},"wordCount":489,"commentCount":0,"publisher":{"@id":"https:\/\/hemming.com\/#organization"},"articleSection":["News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/","url":"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/","name":"Partner Jim Andersen Talks Business Succession Planning with North Bay Biz - Hemming Morse, LLC","isPartOf":{"@id":"https:\/\/hemming.com\/#website"},"datePublished":"2019-11-30T17:32:17+00:00","dateModified":"2019-12-11T17:55:26+00:00","breadcrumb":{"@id":"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/hemming.com\/partner-jim-andersen-talks-business-succession-planning-with-north-bay-biz\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/hemming.com\/"},{"@type":"ListItem","position":2,"name":"Partner Jim Andersen Talks Business Succession Planning with North Bay Biz"}]},{"@type":"WebSite","@id":"https:\/\/hemming.com\/#website","url":"https:\/\/hemming.com\/","name":"Hemming Morse, LLC","description":"Forensic &amp; Financial Consultants","publisher":{"@id":"https:\/\/hemming.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/hemming.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/hemming.com\/#organization","name":"Hemming Morse, LLC","url":"https:\/\/hemming.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/hemming.com\/#\/schema\/logo\/image\/","url":"https:\/\/hemming.com\/wp-content\/uploads\/2019\/09\/Asset-1@4x.png","contentUrl":"https:\/\/hemming.com\/wp-content\/uploads\/2019\/09\/Asset-1@4x.png","width":1344,"height":221,"caption":"Hemming Morse, LLC"},"image":{"@id":"https:\/\/hemming.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/hemming.com\/#\/schema\/person\/81ea17b71d709aa286731532d2563958","name":"John Lam","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/hemming.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7328fddefd53de471baeb6e2b764f78a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7328fddefd53de471baeb6e2b764f78a?s=96&d=mm&r=g","caption":"John Lam"},"url":"https:\/\/hemming.com\/author\/johnlam\/"}]}},"_links":{"self":[{"href":"https:\/\/hemming.com\/wp-json\/wp\/v2\/posts\/2525"}],"collection":[{"href":"https:\/\/hemming.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hemming.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hemming.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hemming.com\/wp-json\/wp\/v2\/comments?post=2525"}],"version-history":[{"count":1,"href":"https:\/\/hemming.com\/wp-json\/wp\/v2\/posts\/2525\/revisions"}],"predecessor-version":[{"id":2526,"href":"https:\/\/hemming.com\/wp-json\/wp\/v2\/posts\/2525\/revisions\/2526"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hemming.com\/wp-json\/wp\/v2\/media\/2263"}],"wp:attachment":[{"href":"https:\/\/hemming.com\/wp-json\/wp\/v2\/media?parent=2525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hemming.com\/wp-json\/wp\/v2\/categories?post=2525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hemming.com\/wp-json\/wp\/v2\/tags?post=2525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}