What is Business Succession?
Business Succession Planning for Future Success
Choosing the right successor is an important choice and you want to make sure whom ever you choose is the right fit for you and your business. A good succession plan will help the transfer of your business go smoothly, and allow you to maintain good relationships with employees and business partners. Succession planning helps you:
- Protect the legacy of your business
- Provide financial security for your family and your stakeholders
- Deal with unexpected events (illness, accident or death)
What Are Your Options For Business Succession?
Every business owner will leave his or her company at some point, voluntarily or otherwise. Planning for this event well in advance is critical to insuring your long-term goals are realized. Business succession will help you to identify your successor who is most likely to take your business to the next level. Business owners must choose from a limited number of possible successors:
- A child or children (or other family members)
- A co-owner or co-owners
- A key employee or key employee group
- An unrelated third party
Pros and Cons of Business Succession Options
There are pros and cons for transferring to children, sale to employees and sale to outside third parties. Download our pros and cons for each below.
Download more information about our Business Succession Planning Services