For individuals who own a company, passing the business to another individual may not be at the forefront of their mind; but it should be. Succession planning involves creating a plan for another individual to either own or run the business after the person retires, becomes disabled, or dies. This…
There are few challenges as rewarding as running a successful business. Business owners pour years of hard work into pursuing passions that are about more than just making money. So it makes sense that many business owners prefer to have a say in what happens to their business after they…
“Running and owning a business is just like raising a child: Both are investments in the future, and both require a lot of time, resources and effort to raise successfully. One can argue that you would treat your business like you'd treat a child; you'd want it to succeed even…
It takes time to build a business, and it can take just as long to create a strong succession plan. Many business owners can’t imagine a life without the business they built, so they often postpone planning for their own retirement and the sale or transfer of the business. That…