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Key Things You’ve Got to Know for Small Business Succession Planning

December 22, 2016

Filed under: Business Succession Planning — Neel Shah @ 9:15 am

No matter the size of your business, it’s important to think ahead to the future. This could be one of the most important ways that you protect your loved ones and also ensure a successful financial future for your business. What follows are several of the most important tips to keep in the back of your mind when it comes to succession planning. The longer you put off the process of succession planning with an attorney the harder it will be to take action.

Here are four tips you need to use to maximize your succession planning opportunities immediately. These include:

Here are four tips you need to use to maximize your succession planning opportunities immediately. These include:

  • Involving your family. No matter what vision you have for your future, make sure that your relatives are at least included in succession planning discussions.
  • Put together a team of advisors. Your dream team of advisors should include a business succession planning attorney, business partner, succession planners and even accountants to guide you through what could be a complicated process.
  • Include and exit strategy within your business plan. There’s a good chance that you already have a business plan identified for the next several years. Your exit or succession strategy should also be incorporated into this plan.
  • Identify and train a successor. One of the most common mistakes made in the business succession planning process is not getting the appropriate help and training opportunities for your business today. Thinking long range means you need to carefully consider who is within the company now who could potentially be trained to take on a more management role. This may even require bringing in outside talent if you do not currently have someone who is interested in this potential role.

Waiting too long could jeopardize the future of the company because the person you select may not have the appropriate background or training in place if something were to happen to you. Consulting with an experienced business succession planning attorney is often a first step towards success.

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