Having a Succession Plan is Important
A closely held business, especially a family business, needs a succession plan. A succession plan should be part of an overall business plan, just like profit and loss projections, product and marketing plans. Questions such as: Who will take over when the owner retires? Will the business be sold? To a co-owner? To an outsider? Who are the possible buyers? When will the business be sold? All of these questions need to be addressed.