The most successful business owners are always looking ahead to what’s next, but the thought of retiring from work and transitioning the business can be daunting. Whether your business is relatively new, or you are at the helm of a 20-year-old company, having a clear plan in place is the key to making your transition a smooth one, and to ensure that the business remains healthy and thriving after you step down.
This guide provides an overview of things to consider when creating a viable succession plan. As you take this step, think carefully about the people you place on your planning team. In addition to your family, you will want to identify trusted professionals who can guide you, provide options that suit your individual situation, and advise on the legal and financial implications of your choices.