Busting the four myths of business transition planningKey points Planning for business transition doesn’t mean giving up control of your company. Transition planning isn’t a distraction, it’s another component of protecting and strengthening the legacy you’ve built. As a business owner, you owe it to yourself, your family, employees, and customers to plan ahead.If you are a business owner who has put off creating a transition plan for your business, you are not alone.
Learn about succession planning strategies business owners. Lack of proper financial planning is a surefire way to lose the family business you’ve worked so hard to create.You can implement a number of business transition strategies to help you maximize your legacy’s ultimate value.As your family and business change, so should your plans for their futures.
As a business owner, you need to develop a solid business succession plan that defines the role that your company will play in your retirement and estate plans.Whether you plan to pass the business on to your children or sell it outright, each option has unique considerations.Succession plans can be structured any way you like, just so long as you have one in place well before you need it.