What Is Business Succession Planning?

Business Buying And Selling Terms -

What is Business Succession Planning?

Specifically, business succession planning is the process of preparing to hand over control of the business to others in a way that is the least disruptive to the business's operations and value

This is the reason why having a formal, written business succession plan is so important from the beginning of business ownership.

For many small business owners maintaining a profit and a steady balance sheet can be a daily, never ending battle that engulfs virtually all of their time.

And often retirement can appear too far in the distance to think about, let alone plans to hand over the business.

However, establishing a sound business succession plan is beneficial, some might say vital, for most business owners.  For those business owners that are at or near retirement, the issue of succession cannot be ignored.