Family owned businesses are a large part of small businesses today and have a large impact on the economy. It is important to plan for business continuation to the preserve hard earned legacy created during your lifetime. A well planned exit strategy will provide a seamless transition allowing your business, and your legacy, to thrive. Your business succession plan should go hand in hand with your estate plan, you cannot accomplish one without the other.
A plan must be created for continued operation and control of the business. A successful plan must also navigate training the next generation of leaders while protecting the existing business and adapting to the constant changes in the marketplace. It is important to realize that while your livelihood and even your identity is tied to the business you created allowing the business to remain “alive” and provide wealth for future generations and loyal employees should take precedence. It is no small feat to accomplish and will require meaningful discussion and proper planning. The process intersects with personal assets, family dynamics, ideas of fairness, and business expertise