The secret to succession planning success is to be ready to sell, even if your business is not for sale. By being proactive, you’ll maximize the value of your business when the time, buyer, and terms are right. Selling or otherwise exiting a business is one of the most complex transitions an entrepreneur will ever face. Detailed planning is instrumental and ideally begins long before any decision to sell. Starting your transition checklist is key to a successful outcome.
Key points include:
- Define overarching goals
- Plan for successors
- Explore tax opportunities and maximize retirement income
- Effectively communicate your succession plan