Important Considerations for Business Succession Planning

As a business owner, your career relies on thinking three steps ahead. In the interest of proactive planning, you’ll want to prepare a business succession plan for your eventual retirement or in the case of any unforeseen, life-threatening accidents.

Business succession planning

While some business owners dread even the thought of handing their life’s work off to the second-in-command, it’s your sole responsibility to plan for what happens to your company when you’re no longer the presiding owner. Corporations are the only business entities that are exempt from formulating a business succession plan, as stockholders are technically granted ownership.

It’s a good practice to start planning early for unexpected shifts in leadership or early retirement.…

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