Preparing a business succession plan is an essential process in preparing a business to pass on the owner’s legacy and maintain the vitality of the business’s goals and relationships. It not only safeguards the owner’s vision for the future of the company, but successfully prepares future successors. This important planning process can assist in preserving financial successes and goals of the business, and also avoid estate problems and partner disputes.
It is imperative to implement an effective business succession plan in order to ensure your business’s success into the future. Statistics show that only about 30% of businesses will survive into the second generation, and that number decreases to 12% and 3% into the third and fourth generations respectively. Research has shown that business failure most commonly links back to the lack of adequate business succession planning.
Succession planning can be a great opportunity for maximizing a business’s goals and can create a secure multi-generational plan that embodies the family’s values and missions for generations to come.
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