Plan your endgame
Explore what’s involved in creating a succession plan for your business.
- Who will take over your business some day? Members of your family; a partner or key manager; an outside entity?
- How do you want to transfer the business? As a gift to family members, sell it, or some other strategy?
- Do you want a future role in the business or any ongoing benefits?
How to plan your endgame
- Start early and allow five years or more
- Deal with family expectations
- Groom a successor
- Write a succession plan that includes who will take over, the method of transfer, and your future role.
If you want a future role in your business, determine how you will ensure that your successors don’t dismantle or disband the business after the deal is done.
There are a variety of transition or exit strategies you might consider. As you compare them, it’s crucial to consult with your legal and tax advisors.
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