Business owners often disregard the importance of succession planning. Exiting their business is inevitable for business owners, whether it is due to a divorce, illness, retirement, bankruptcy, liquidation, or death. The transition and continuation of the business will go smoother if there is a succession plan in place. Here are five important steps to take into consideration when developing a viable succession plan for your business.
Taking these five steps can help save you money and time, and most importantly may play a critical role in the continued success of your business. Additionally, at Protection Point Advisors we recommend consulting with a professional advisor to help with the process.
This information should not be considered tax or legal advice. Please see a qualified tax or legal professional for advice related to your individual situation.
AllBusiness. “5 Steps To Create A Viable Succession Plan For Your Family Business.” Forbes. Forbes Magazine, 12 Oct. 2013. Web. 10 July 2017.
Cussen, Mark P. “How To Create A Business Succession Plan.” Investopedia. N.p., 03 June 2007. Web. 10 July 2017.
“Plan Your Exit | The U.S. Small Business Administration.” Small Business Administration. N.p., n.d. Web. 10 July 2017.
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