The conversation around successions can be [sensitive], because it brings up all the same issues one faces when starting a business — only this time, you’re forced to imagine it without yourself in the picture.
When it comes to business, succession is perhaps the most fundamental concept and object of planning. So, even though we realize that all beginnings will inevitably have an end, why is it so hard to talk about?
If business succession is on your mind, then you will want to read a recent Forbes article titled “How to Succeed At Succession.” Before you read the original article, remember this – the questions are as important (if not more so) than the answers.
So, what kinds of questions should you be asking yourself? Here are a few to ponder: Do you want the business to live on past you? Who ought to lead it? What is the business in the context of your own estate or the estates of your partners? Do you have an exit strategy in the event of retirement, disability or death?
Make sure you consult legal counsel with all parties involved in your business. In order to have peace of mind about “the end” of your business, you must take appropriate planning steps in “the beginning.”
Reference: Forbes (January 15, 2013) “How to Succeed At Succession”