Who’s going to walk in when you walk out?

A poll of small business owners in 2004 revealed that a majority of them had thought about a plan to either sell their business to a third party or have a family member take their spot. However, only 33% of them had considered who that successor would be.

After years of hard work and dedication, business owners want to ensure that their companies will continue to thrive even after they’re no longer involved. That’s why successful and orderly business succession planning is so crucial. It’s essential to have a plan in place that outlines how your business will be transferred to the next generation, who will take over the reins, and how the transition will be managed.