Your employees, for example, may want to purchase your business.Whomever you choose, provide ample time so you can train them rather than just dumping the business on him.Typically, family business owners consult with a variety of professionals in developing their succession plans — lawyers, accountants, bankers, financial planners, insurance advisors, merger and acquisition consultants and management consultants.
In fact, any of a number of situations can bring you to succession planning, so you can enter the process at any "step” along the way.
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You should have at least one non-family member on your board of directors to give an impartial opinion on a successor, according to the SBA.
When choosing a successor, consider that you can look to loyal non-family members.