Succession Planning Questions:
- Who will be your successor?
- What is the value of the business?
- What can help to ensure a smooth transition?
- How will your departure affect key business relationships with major customers and suppliers?
- How will your leaving affect your personal estate plan?
- Do you need to consider active and non-active family members connected to the business?
- How much income do you need to retire from the business?
- Do you have a buy-sell agreement?
- Who can buy a departing owner’s share of the business?
- What events will trigger a buyout (usually death, retirement, disability or leaving the company)?
- What price will be paid for the departing owner’s share?
Delaying succession planning puts your business at risk. It’s easy to delay when everything is going well or you are swamped with the work of growing your business. You are not too busy to plan ahead and protect and preserve your financial future. Call now