Nobody wants to leave their business continuation to chance. Having a succession plan in place will help simplify the transition out of your business whether you decide to sell, pass down through generations or retire.
Having this plan in place can also coordinate the transition of your business if there is an unexpected event, such as illness or death.
A succession plan covers many important matters, including:
- Business goals and monitoring your progress towards succession
- Future roles of your successors; business partner or family members
- Appropriateness and tax effects of current and future business structures
- Contingency and Risk management
- Legal considerations