Business Succession Planning

Privately owned businesses are a key part of business in the US. However, many small businesses fail to consider what will happen to the business once they retire. Most of the time spent in the business is related to building, hiring the right people, working against the competition, but rarely succession planning. This is a misstep that should be corrected. Most business owners don’t want to address succession planning because it reminds them of having to retire or even that they will someday pass away. Successful business owners cannot imagine anyone else running their business, so they don’t address the issue. With that attitude the potential for a business to have to close when an owner passes away or retires due to health issues, then there is no time to plan. Succession planning needs to be done now.