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Protect your future by planning for the expected and unexpected
You know it’s going to happen eventually. Whether it is the results of a sale, a well-planned turnover of power or an unexpected life event, the day will come when you are no longer running your business on a day-to-day basis. Before that day comes, you will need to develop a plan for the transition of the business you built.
If you’re like the majority of business owners, you are probably underprepared for the potential succession of your business. You may be so busy building and running your business that what happens to the business after you leave is low on your priority list. But if you want to ensure that what you have built continues to bring value to your heirs, employees, customers and the community, you had better have a plan for succession. Many business owners believe that succession planning is something to take care of tomorrow, next year or next decade. In reality, every business is one minute away from a potential change in management. Is your business prepared for organized succession?
Too many business owners make the mistake of thinking they will have plenty of time to plan for the handover or sale of their business. They believe that when the time comes to retire they will simply hand over the company to a family member, or if worst comes to worst, they will sell the business for a nice sum, pack up their things and begin the retirement they deserve. In some cases... Read More
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