Succession Planning

By: A Staff Writer

Updated on: Oct 25, 2024

Leaving a Legacy, Not a Mess 💼

Too many small biz owners don’t think about exit strategy…until it’s a crisis. Do this NOW.

• The ‘What If’ Factor: Illness, accidents, or simply wanting to retire – have a plan, don’t be forced out.
• Groom a Successor: Mentoring key employees early, gives YOU options down the road.
• Documentation is KEY: Processes outlined, so knowledge isn’t just in your head (invaluable for potential buyers).
• Your Ideal Exit: Outright sale? Passing to family? Each requires a vastly different plan years in advance.
• Get Pro Advice: Lawyers, accountants specializing in biz transitions to avoid costly mistakes.
• It’s Never Too Early: Even a solo biz needs basic “if I’m hit by a bus” contingency plans in place.

Succession planning ensures your hard work lives on, maximizes the value of your business, and protects your family.