BUSINESS SUCCESSION PLANNING WHAT YOU NEED TO KNOW
I would like to share some things about business succession planning: what it is, why it’s important, and why you want to get started on it sooner rather than later. First, what is a business succession plan? It’s a plan that you make as an owner to pass the business on to a trusted employee or a family member. This will involve three things: an agreement with that person, the transition time, and some preparation plans so the person will be ready to take the business over. Next, why does business succession planning even matter? It matters because you, as a business owner, may want to keep the business within the family. You’ve built this business, you’ve built a legacy, and it’s
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