RLB Blog

When you started your business, you had a vision, goals and dreams. As your business grew and changed, a strategy and plan evolved. Whether these plans were formal or highly informal, you had some sense of the direction you wanted your business to take. All too often, exiting your business doesn’t get that same attention. It can be easy to put off succession planning for a myriad of reasons; however it is important to create an adaptable plan and get everyone (family, partners, and key employees) on board. This will help to maintain the value of the business, maximize your retirement fund and protect your legacy.

Should you have a succession plan? The simple answer is YES! Succession is a word that is often used, but what does it really mean? A complex and confusing topic, it lingers as the unspoken part of business planning, too large to tackle, genuinely the elephant in the room.