If you're a business owner and considering retirement, you may quickly find that retiring isn't as simple of a process as it is for an employee who has decided to hang it up. Instead, succession planning for business owners has a far greater complexity, that often includes items like finding successors, seeking a business valuation, and starting the process much earlier. Its items like these that help business owners maximize the equity in their business and allow for that equity to ultimately be withdrawn.
Why else might you consider succession planning as a business owner? Think of succession planning as peace of mind for the business you've worked so hard to build. A good succession plan build in advance of needing it can help you or your family deal with the unexpected, and protect the business you worked so hard to build should you become disable, die, get divorced, or decide to split with your business partner.
Tracking #1-916907
Music Attribution: Hopeful Start by John Bartman, License CC BY-SA 4.0 (Attribution-ShareAlike License)
