Business Succession Planning – Understanding Key Drivers

A Starting Point – Part 1 of 3

It is a fact of life that every business owner must exit their business eventually, whether in retirement or on death.

Some people plan their exit for years in advance. Others do not. While even the best laid plans can go awry, it is often the businesses without any plans that suffer the most, leaving families, co-owners, and employees scrambling to cobble together a way forward.

Why do some people avoid the inevitable? Is there anything advisors can do to help them?

This is the first in a three-part series creating a baseline for succession planning discussions (see Business Succession Planning – Basic Principles and Putting the Pieces Together for parts 2 and 3 of the series). The goal is to give advisors a common framework and reference point for these discussions, so we can all better help individual business owners build their comprehensive succession plans.