Succession planning now means you can reap the rewards later. Source: Pexels/Rodnae Productions.
Succession planning is often the last thing business owners want to think about while they’re busy running their business. However, failing to plan well in advance for that transition can make it difficult to fully enjoy retirement. It’s important to get succession planning right so that owners can achieve a good quality of life in their sunset years.
By following this succession planning guide, business owners can prepare well in advance to ensure their own wellbeing and security, as well as that of their loved ones.
The succession strategy
Create a plan
Successful succession planning requires a proactive plan that’s developed well in advance of the transition. It’s important to determine when to exit the business in terms of personal preference as well as to gain maximum value from a sale. It can be valuable to discuss timing with all the relevant stakeholders to ensure everyone is on the same page.
Once the timing is set, it’s time to develop a plan that includes:
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