No matter how much you love running your business, there will come a time when you leave it:

  • You may retire – permanently bowing out of your business
  • You may take semi-retirement – continuing some business activities while handing the reins to your children or a new owner
  • You may be forced to leave – by permanent disability, or even untimely death

This is why it’s important to plan for any of these scenarios. Without a plan, you may be forced to take steps you really don’t want to take. Or if you’re gone, decisions may be made that are contrary to what you wanted.

In short, you need a succession plan. Yet with so many things to consider, many business owners don’t know where to begin – or they put it on the back burner.

As a financial planner, I can guide you through this process, often working with your accountant or lawyer. And the first step we assess is your current situation. These are some of the questions to consider:

  • What is your business worth?
  • If you had to sell it today, what is the lowest price you would accept for it?
  • What special skills or relationships will your successors need to keep the business running smoothly?
  • Do you want to retire? Or is semi-retirement the path for you?
  • Do any family members want to take over the business? Do they have the skills to manage it?
  • How do you distribute ownership between children?
  • Will you consider selling the business to employees?

Your answers to these questions, as well as others, give you a crystal-clear view of your current situation. It also clarifies goals for you, and your family. From here, we can formulate an action plan. Since every situation is so different, I’ll work with you to develop a plan that is tailored for you.

I’d be happy to provide you with more details on the next steps. Contact me to arrange an appointment at your convenience. By taking this first step now, you can be sure that your business transition happens the way you want it to.