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Tune in for a curated and high-quality content designed for the entrepreneur and small business owner.A weekly online video radio show that brings businesses, entrepreneurship, supplier diversity, information, and opportunities through collaboration with contract providers and lenders. At The BusinessZone, we educate, encourage, inform and inspire the business owners and entrepreneurs in our global communities. This platform can help you grow your business through heightened visibility “on-air” and via YouTube.com and Facebook.com. Check out our schedule and never miss your favorite show again!
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Thursday Nov 02, 2023
Thursday Nov 02, 2023
Class in Session
Plan for Succession Even if You Plan to Work Forever
You may be one of those business owners too busy being successful to think about succession planning. Nonetheless, it is folly not to plan for your succession, and your strategy should follow the old adage of “hope for the best and plan for the worst.”
Assuming the worst—that you would unexpectedly leave the business tomorrow—do you have plans for a transition in management? What happens to your ownership interest? And how do you use your stake to provide for a spouse and family?
Key questions are whether you want the business to continue with family members in charge or if you want to sell your interest to provide for a spouse or other family members. Identify your goals and establish a succession and exit strategy with the goal of retirement.
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