What is it?
Succession planning is a process for deciding what to do with a small business once you stop working. You might choose to sell your business all at once, sell it in stages, or continue to own it while handing the management over to someone else.
When is it a good idea?
Even if your retirement is decades away, you should have a succession plan in place in the event something happens that prevents you from working. This will give you peace of mind, and can be a valuable tool for your heirs and employees.
90%+ of all U.S. businesses are family businesses
85% of family business crises are related to succession issues
55% of business owners, expecting to retire in five years, don’t have a succession plan
Source: Charles D. Fox IV, Keeping it in the Family: Business Succession Planning, SS039 A.L.I.-A.B.A.2009, 2013 (2011).
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