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Start-Ups

How to Hand Over the Business to a Successor

By Townes Haas   |    September 29, 2014   |    10:27 AM

The Importance of Succession Planning

Small business owners are busy people: busy running and growing their business. Family businesses are no different. This often means that business owners aren’t thinking about passing along the business to the next generation to run. Succession planning isn’t necessarily top of mind, but it should be.

Why a Plan is Necessary

Without a succession plan, a family business may falter or fail in the future. If the business is passed to the wrong successor, that person may not care enough to worry about the future success of the business. Or the person may not have the skill set to effectively run it.

Succession planning ensures that the business is in the right hands and helps ease the current owner into retirement. It also helps determine how much the business is worth and how the business will be split amongst interested parties after the owner retires or dies.

Tips for Creating a Succession Plan

The planning process can be daunting, but it’s a necessary evil if a family business is going to outlast the current owner.

Succession planning should start early – years before the owner wants to retire. This will help make sure that everything is in place long before the current owner’s final day.

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