Russ Cook & Associates, PC

Helpful steps in creating a succession plan

For many business owners, the most important issue to resolve in a business is how to keep it profitable. After all, making money is the primary goal. However, the biggest question confronting business owners is commonly an unresolved one: how to pass the business on when the owner wants to retire or is unable to run it. Many business owners may avoid this question because of its difficulty.

Nevertheless, there are certain steps that business owners can take to position themselves for smooth transitions into retirement. We will highlight them through this post.

Think about what a happy retirement looks like – This may be difficult considering how a person may be obsessed with work, or feel completely lost without it. But considering what creates happiness outside of work is essential in figuring out how to transition into retirement.

Get to know business brokers – If passing on the business to a family member (a child or younger relative) is not an option. It is good to know if selling the business will fund your retirement.

Revisit your succession plan – Times change and people change. A previous plan may need to be modified if a life-changing event occurs.  If procrastination has stalled a previous plan, it is definitely worth revisiting it.

Some people wait till New Years to consider these issues, but life is not always so accommodating. A meeting with an experienced estate planning attorney to discuss your dreams, concerns and obstacles will help you get started.

The preceding is not legal advice.

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