As you near retirement as a small business owner, you need to start thinking about a succession plan. That may mean leaving the business to a family member or preparing for a sale.
When you started your company it was typical for the next generation to wait in line for taking over the family business. Now day's things are different. Adult children have more career options and small businesses have more resources for succession.
Entrepreneurs are risk-takers with a beneficial disregard for rules. Facing failure and then beating the odds is a hard task that only a few can accomplish. After a lifetime of work many small business owners want to keep their hard earned company and give it onto their children rather than sell it to a stranger. Passing on a business is a complicated task with a lot of implications. Prepare yourself first and the process will be a lot easier. Here are some essential points to consider when creating a business succession plan.