Bite-Sized Bits of Knowledge

Succession Part 2

Succession planning starts with goals. Common goals of business owners are that they want to retire. They may want to sell and then retire. They may want to have the next generation of management take over while they are alive and before they retire. Alternatively, they may desire that heirs start to step in and take over before or after retirement. Business owners may want to continue working until they cannot anymore, and their heirs will inherit the company upon death. Perhaps they want to create an annuity for their family. Each situation is different and requires different approaches. There’s infinite permutations here, and thinking it through is important. That would include thinking about tax, legal, logistics, financing, practicality, teams, systems, documentation, processes, etc.

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