Smart Business Succession Planning Provides For Ongoing Prosperity
Your legacy and the ongoing prosperity of your business depends on the creation of a smart succession plan. It is important to work with your corporate counsel early to plan for the future of your business. Your business succession projections might include one or more of the following plans:
- To continue to grow your business, and eventually, sell it at a profit.
- To develop a business with the idea of passing on its governance to one’s family members to maintain the pride of a family business.
- To grow a business that highlights the promotion of talent, with a plan to ultimately pass on leadership to a future generation of employees.
What Is Your Ultimate Transition Or Exit Strategy?
Business succession plans look to the future with a sense of purpose and promises of security. With the right foundation and preparations in place, you can increase the likelihood that today’s accomplishments will continue to flourish and provide for the next generation. When you are ready to retire from a leadership position in your company, do so with reassurance and confidence in the next generation of leaders and the continuing viability of your overall mission.