Business Succession Planning
As a business owner, you have likely worked very hard to create your business. You thought about how to set it up, how to run it and how to make it grow. You are likely very busy in the day-to-day operations of the business. Have you thought what happens if you become incapacitated or when you pass away? How will your business support those who care about the business? Remember, that’s not just your loved ones; it’s also your business partners, vendors and customers/clients.
If you haven’t done so already, you need to consider how to leave those stakeholders with a legacy that is easy to manage or cash out. If you don’t, you’ll just leave them with a mess to sort out.
Talking about the exit
Once your business has been set up properly (proper choice of entity with governing agreements, insurance purchased, intellectual property planned for and protected, financial systems up and running), we start talking about the exit. It is critical to discuss this issue because there will be an inevitable exit. The exit could mean selling, operating it for as long as you want or passing on your business when you die. The exit also includes non-permanent exits, such as ensuring your business serves you and your customers when you are on vacation or away for health concern. This issue is something we will discuss more than once as your business evolves.
If this resonates with you, I’d like to tell you more! Please click here to schedule a LIFT Your Life and Business Planning Session.