Succession Plans for Businesses

Business owners often fail to make succession plans for their business. When making such a plan, there are several things business owners should consider including:

• Start planning early
• Identify several potential successors who are actually interested in running the business.
• Look for qualities in these potential successors that will actually help continue the success of the business. Don’t choose one based on relationship to you currently.
• Planning early allows you to thoroughly train your successor.
• Get a valuation of your business.
• Consult an attorney to discuss possible tax benefits or implications of your succession plan.

See Evangeline Gomez, Identifying a Successor for Your Family-Owned Business, Forbes, Oct.12, 2011. 

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.