Busting the myths of business transition planning.
- 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. You’re part of the 58% of business owners who have yet to take this important step, according to a recent survey of 200 owners conducted by Wilmington Trust.
While it may seem like the last box to check, planning for the next generation of owners and managers well in advance usually leads to better operational, financial, and tax outcomes. That remains true whether the transition involves a sale to an outside buyer, passing to the next generation of family, or selling to employees. As a business owner, you owe it to yourself, your family, employees, and customers to plan ahead.
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