Business Succession - Plan Early

(The Money Pros) - Business succession planning is all about maintaining the continuity of a business for the benefit of stakeholders including other owners, employees, and customers.  But many owners are so involved in day to day management that they fail to plan for when they’re no longer there to take care of things.

Succession planning starts with considering what the goals are for the business once the owner leaves.  Is there a family member or other key employee who can and wants to take over.  Your business succession plan will include a team of professionals including a CPA along with an attorney.  It may also involve your financial planner and or insurance agent.

The most important thing is to start early.  Create the plan when you are able to, no when you are forced to.  Talk to family and co-workers and begin the process.