Do you have a family-owned business? Have you given some thought to what will happen to your business once you retire? Do you have a succession plan in place should you no longer be able to handle the day-to-day affairs of your company due to incapacity or premature death? Is it written down? Did you discuss each of the steps of the plan with your proposed successor(s)?
Only about 30 percent of family-owned businesses successfully transition to younger generations, largely due to inadequate planning. If you don’t have a documented succession plan, here’s why you should and how to get started.
Why should I have a business succession plan?
You’ve worked hard to build your brand and achieve the business success you currently enjoy. Having a conversation with your family and potential successors is vastly different from drafting a formal plan and laying out steps and milestones needed for sustaining your business.
How do I start setting up my business succession plan?
Far too many businesses fail for lack of planning. Don’t put it off. Take baby steps and keep moving forward until you have your succession plan in place. Here are two tips to get you started:
Then, revisit the plan periodically to assess whether you are meeting the benchmarks that you established or to revise it as necessary with changing times and shuffling priorities.
Are you ready to take the first step toward reaching your goals?
Contact us today to schedule a Initial Consultation with our Toledo, Ohio, attorneys.