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Regardless of whether it's triggered by the owner's retirement or by some involuntary event such as death or disability, succession is inevitable for all businesses. Unfortunately, however, too many business owners view succession planning as an optional luxury.
Succession planning is essential for maximizing the value of the company and the amount of wealth that owners can pass on to their heirs. It also gives the owner a thoughtful and organized way to cash out of the business when the time is right.
- Articulate the owner's goals
- Identify and train the next generation of leaders
- Build a team of trusted advisors
- Establish a buy-sell agreement
- Fund the buy-sell agreement
- Review the plan every 2-3 years
Creating a succession plan is an investment that pays tremendous dividends for the owner, the owner's family and the company's employees. By creating a blueprint for the transition to the next generation of leaders, business owners can create something that is built to last. | 
