These changes are why succession planning for business owners is so important. It helps you specify, in writing, what will happen to the business when you step down. Will it be liquidated, kept in the family, passed on to a key employee, or sold to an outside party? By creating a succession plan today, you can make the decisions now about what will happen to your company in the future.
Succession planning is a multifaceted and complex subject. It is not a one-time event, but instead a continuous process that starts with your goals, and builds and improves over time.
A succession plan is also a roadmap for you, your family and your employees to help ensure that, in the event, you are no longer able to run the company, any “knee jerked” decisions are kept to a minimum.
Click the link to view / download this white paper: Succession Planning