Help ensure a successful future for your firm with a succession plan
Abstract: All too often business owners get so bogged down in the daily grind of running their companies that they fail to adequately plan for their futures. A well-thought-out succession plan will help an owner pass on responsibility for running the company to a successor. If children are involved in the business or there’s another logical successor, it’s important to start grooming that person as early as possible. If selling to family members isn’t feasible, other options include selling the firm to employees through an employee stock ownership plan (ESOP), setting up a management buyout, or selling to an outside buyer. But it will be important to upgrade business processes before finding potential buyers and marketing the business to them.