Business Succession Planning
How do I get started with a succession plan?
First it’s important to understand what a business succession plan is. A business succession plan is, you’re thinking in advance about how it is, and when it is, that you want to leave your business. Everybody will leave their business at some point in time. They’ll either do it voluntarily on their own terms, or they’ll do it lying down after they’re dead. In either case, the best way to start is to thinking about what your objectives are. First objective is to decide when is it that you want to leave your business? Next to think about, who it is that you want to transfer control of that business operation to. Lastly, consider about how much money you’re going to need in order to support the lifestyle that you want to live in retirement.