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Four tips for effective succession planning The earlier you begin the conversation about transitioning your business, the more options you will have Justin Brown, CPA got it off the ground. However, having a plan doesn’t mean you’re leaving your business today. In fact, most business succession plans that we help implement for businesses take five to 10 years. The earlier you begin the conversation about transitioning your business, the more options you will have. Perhaps the biggest advantage of starting early is the opportunity to maximize your business’ transaction price. opportunities. As we’ve come alongside businesses to help them with When it comes time to sell, everyone wants top dollar for succession planning, we’ve noticed a few key themes. Fol- the company they’ve built up for years through hard work lowing these four tips can make succession much easier and and sacrifice. To ensure this happens, the succession planning dialogue needs to start early. This opens the door to more successful. more strategies and transaction price optimization. Start now It sounds like a cliché. But we mean it when we say, “Start Consider your personal plan first The most successful succession plans we’ve helped imnow.” It might be scary or daunting to think about transitioning your business, especially when you feel you just plement are the ones in which the owners consider their Transitioning a business in any industry is undoubtedly difficult. As a business owner, you’re likely not only responsible for business operations and leading workers, but you’re often the one who carries the brand recognition of your business and drives revenue
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BUSINESSPULSE.COM | JAN/FEB 2022
