Business Succession Planning
Who’s going to walk in when you walk out?
A poll to small business owners in 2004 revealed that a majority of them had thought about a plan to either sell the business to a third party or have a family member take their spot. However, only 33% of them had considered who that successor would be.
The single major thought in a business owner’s mind is how to implement a plan to successfully and orderly transfer their business to the next generation. Because the business is typically the single largest asset of their net worth, it is or is planning to be in the mind of the business owner, an essential part of their retirement and estate planning.