Skip to main content

Succession Planning

April 1, 2024

Sooner or later, every business leader hands over the reins. However, succession is often an uncomfortable subject for family business owners. Many owners shy away from planning for tomorrow because it is difficult to face the idea of retirement or because communicating their wishes to family members can bring up a host of emotional issues.

Regardless, business succession is an eventuality that needs to be prepared for well in advance of any critical event despite any awkward or difficult conversations that must take place.

In order to look objectively at proceeding with the next stages of a business, an owner needs a frank and honest consideration of all the realities, both positive and negative. Whether you plan to keep your business in the family or sell it to someone else, here are some important considerations.

Read the Full Article HERE