Planning for the day you leave your business is a valuable investment. Whether you decide to sell, retire, or get out due to health reasons or to spend time with your family, a succession plan can help you outline what will happen and who will take over your business when you leave.
A good succession plan enables a smooth transition with less likelihood of disruption to operations. By planning your exit well in advance, you can maximize the value of your business and enable it to meet future needs.
We are prepared to help you establish a realistic timetable and measurable milestones to ensure your succession plan is attainable. We can also help you prepare a will, trust, or medical directive that accurately reflects your wishes regarding healthcare choices and the distribution of property and assets upon death or terminal illness.
Transitioning out of a business can be a stressful time. Here are five tips to help ensure a successful transition:
- Start early. Although there are events in life, we cannot control, such as death, having a structured plan empowers you to shape the legacy of your assets and ensure the seamless transition of your business ownership.
- Choose the right successor. Explore your values and believe in your instincts. Remember that even when you feel swamped, you possess a wellspring of wisdom within you.
- Communicate effectively. Develop goals that align with your values.
- Plan. You have the power to take an active role in your next chapter and create a strong plan that will help you and your family during your transition. Make an appointment with us so we can ensure that your succession plan is legally sound.
- Embrace change. Be adaptable and tweak your plan as necessary.
Business Affirmations
- My self-worth is not dictated by my title or the possessions I own.
- I am strong and capable of handling life’s challenges.
- I release the need to have all the answers.
