Business & Farm Succession
HOW WILL YOU EXIT YOUR BUSINESS?
Exiting the business isn't something most entrepreneurs think about. Yet having a succession plan is crucial for the life of any business. Without a formal succession or transition plan, a small business or farm operation risks both its longevity and bottom line.
In many cases, however, family owned business owners don't take the necessary steps to assure a smooth leadership transition, either because they don't clearly identify a successor or because they fail to prepare their company to succeed without them.
Your business or farm will transfer at some time to someone - What remains to be seen is who will ultimately wind up with the result of your lifetime of work, and if the outcome will be acceptable to you and your family.