Succession Planning: Preparing to Sell Your Business
by Ian C. Perry and Roman A. Basi
Small business owners listen up. Do you know what happens to your business if something were to unexpectedly happen to you?
If you answered, “I don’t know”, then you are one of many business owners with this response. Most business owners have no form of succession planning in place. Without a good succession plan, your family or other heirs might be forced to sell the company under duress and be shortchanged on the value of the business you’ve built. If there’s no clear plan in place for who’s in charge of the company, your business might end up directionless and at risk for failure.