According to a recent poll from Nationwide, 60 percent of small-business owners don’t have a succession plan in place. Among those without a plan, nearly half believe such a plan isn’t necessary.1
Are you among those without a plan? If so, you could be creating significant liability for yourself, your business, your employees and your family. A business succession plan helps you make a smooth transition to the next owner without disrupting business operations.
A succession plan also protects your interests. It helps you get fair value for your business and even retain some form of control or income. You can use your plan to identify the right successor and to make sure the next owner doesn’t deviate too far from your long-term vision.
Unfortunately, without a plan in place, you may be forced to sell your business to the best available buyer. That could mean accepting less than fair value or selling to someone who has plans for the business that don’t align with your interests.