Are you considering stepping away from your business due to another opportunity? Do you want to retire? Maybe you foresee that soon, you won’t be able to continue in your current role due to health or age-related challenges.
You’ve heard the term Succession Plan but what is it and what should you think about when creating one?
A Succession Plan is simply a playbook for how the ownership of a business will change. The change may happen through closing, selling, or transferring the business.
The most important step – and the one that drives all other decisions – is to determine how and to whom the business will be transferred.
If closing, consider:
This video on succession planning may help.
Selling or transferring to:
No matter how you will transfer your business:
Finally, consult business professionals (attorney, accountant, business broker, and/or strategic advisor) throughout the process to guarantee you exit gracefully.