Succession planning can be one of the most difficult and challenging tasks for a small business owner.
Why? For some business owners, it's a matter of not clearly understanding the value. For others, it's simply a matter of not finding the time to writee a business succession plan and monitor it.
Succession planning is an investment in the ongoing success of your business through a timed transfer of ownership and control.
A thoughtful plan will give you control over how the future unfolds for you and your business when the time comes for you to retire and enables you to enjoy the fruits of your labour. Most importantly, it can bring a peace of mind not achievable if the future is unknown.
We know that this process can be very complicated.
It's our job to simplify the process and to assist business owners to successfully accomplish a thoughtful, intentional transition process.
Although succession plans will be different for different businesses, there are certain considerations that any business will make while exploring their options:
- Will you keep the business in the family?
- How do you select and prepare your successor?
- What's involved in a management buy-out?
- How do you determine the value of your business?
- What's involved in a sale process?
- How does the financing work?
- What are the tax and legal issues?
The questions may seem overwhelming. However, it's important to not let this deter you.
It's important to begin the process sooner than later.