Many of the bankers I surveyed said that not enough business owners have succession plans, but that their very best customers are working on them. A succession plan protects your banker from unnecessary risk, and it also protects your business as well as your personal wealth.
Having a succession plan does not mean that you are planning on selling your business right away. It does mean that you are planning for the future of your business should something happen to you prematurely.
EXPERT TIP | Gary Furr, Organizational Development Consultant:
If you are thinking of selling or leaving your business, you should start preparing at least three years in advance. The sales or transition process takes time—more time than most business owners realize. One of the major upsides to thinking and planning for succession is that it forces you to take a hard look at your business.
With over 40 years of C-level business experience and an MBA in organizational development, I am uniquely qualified to help you achieve success in your business. Give me a call to set up a free consultation: 503-312-3145.
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