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Succession Planning
Handing over your business to family members successfully can mean the difference between being financially sound for life or losing the value of many years of hard work and effort.More than 70 percent of family-owned businesses do not survive the transition from founder to second generation. Developing and implementing a well-designed plan is essential for the long-term success of the business you have grown and developed from the very beginning. Succession planning also applies regardless of whether you have family members looking to take over the business. One day you are going to exit the business, through retirement or sale. Succession planning covers the key steps to prepare the business for that moment. It is important to keep this concept in mind: Ultimately, for your business to truly be a realizable asset for you, you need to constantly be working on it with a view of selling it sometime in the future. Whether you do sell it or not is irrelevant. Keeping that frame of mind means that at least you will always be in a position to sell it and realize its true value, if you should ever want or need to.That focus gives you a greater awareness of the need to systematize your business and make it less dependent on you. People want to buy businesses that work, not businesses that are run by people. In the event of selling the business to an outside purchaser, we can manage that process for and with you, as that can be an arduous undertaking.

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