Broker Check
Do You Have A Succession Plan for Your Business?

Do You Have A Succession Plan for Your Business?

May 13, 2023
Start Creating Your Succession Plan

And get your business ready for your retirement.

You’ve worked for years building your business, hiring your employees, keeping up relationships with customers and running your company. But now that you’re considering fully stepping away from the business or selling, what will happen to all that hard work?

If you’re a business owner and you’re ready to start enjoying your retirement, a succession plan is essential for transitioning in new owners and keeping the business afloat.

What is a succession plan?

Succession plans are different for every company, but essentially it’s the plan for what will happen to your company once you sell it. Having a succession plan can offer support for your employees, increase the business' value and smooth the transition from your ownership to someone else’s.

How can a succession plan help you?

These plans can help your company be more desirable for potential owners who are looking to buy. This tool will help identify the company’s mission, values, goals, and long-term plans so buyers can determine if the business's goals align with their own.

What does a succession plan include?

Again, no two succession plans are the same, but these are some of the questions a new buyer will likely ask.

  • Are there other partners who will also leave or stay in their current roles?

  • Are you willing to sell the business to someone who is outside the company?

  • Who will take over your role?

  • Will the structure of the business change with the transition?

Even if you aren’t planning on fully retiring but are ready to take on a less active role in the company, a succession plan is an essential tool for this change. Having a plan already in place can help you strategize for the future and consider business changes you’ll make in the distant future.

When you’re ready to start thinking about optimizing your company’s value and leaving your leadership position, contact the office and we can strategize together.

This communication is designed to provide accurate and authoritative information on the subjects covered. It is not however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.