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When the time comes for you to leave your business will you be ready? Succession planning is essential to making a smooth transition to new ownership and management. Plan your exit strategy carefully to maintain the value of your business.
What challenges are you facing?
Read the following and learn how to start planning early to ensure a smooth business transition.
Why should I plan for business succession?
Chances are you're focused on building your business, not the day you will leave it behind. But failing to plan for your transition out of your business can result in a messy succession process and lost value.
Choosing an exit strategy
One of the most important steps is knowing what exit options are available to you. Here are some of the most common exit strategies used today.
Transferring my business
Although unique to every business, a business transition consists of a series of basic steps, such as setting your financial goals, determining legal requirements and establishing your objectives.
Choosing and preparing my successors to take over
Whether family or not, the keys to success are collaboration, openness, sharing of values and beliefs, and communication between the founders and a new generation of owners.