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 (or if it's not, but you know it should be...) 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 - and starting to think seriously about them - 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?
The best way to start is to consult with your legal counsel to discuss the various approaches to the planning process and to identify your goals (both short and long-term) and potential obstacles. And remember, this isn't a fast or easy process. The key is to start thinking about how you want to handle the future, before the future is here. In order to have peace of mind about “the end” of your business, you must take the appropriate planning steps in “the beginning” and "middle."
For more information about business succession planning or for answers to your other estate planning questions, please contact us at Peak Legal Group.
Reference: Forbes (January 15, 2013) “How to Succeed At Succession”