Volume 21
TRENDING NOW
"Succession" Season 1, Episode 1 (debut 6/3/18): Jeremy Strong, Brian Cox. photo: Craig Blankenhorn/HBO
Lessons to be learned from hbo's hit show "Succession" HBO's hit show "Succession" has recently brought the importance of business succession planning into the public eye. Now in it's second season, "Succession" follows Logan Roy, owner of a global media conglomerate— Waystar Royco, and his children as they fight for control of the company when he falls ill. Perhaps if Waystar Royco had a plan in place before Logan's health declined, the family would not have fallen into dysfunction. But that wouldn't make for good TV. Fictional companies aside, most business owners should have a plan in place. Succession plans are commonly associated with retirement, although they also serve an important function earlier in the business lifespan: If the unexpected (disability or
death) happens, a succession plan can help reduce headaches, drama and monetary loss during periods of transition. As business owners approach retirement age, it is never too soon to outline a succession plan. But retirement is far from the only force pushing proprietors out of ownership. Unexpected life events can happen at any age, and a succession plan ensures the right people inherit the business, operations continue to run smoothly and owners are able to exit under fair circumstances. In other words, proper succession planning is an absolute must and should begin on day one of ownership, if not before. Ignoring important issues involving your business will not make them go away. It is not easy to think about challenging issues but
putting off planning and ignoring problems will not give you peace of mind. Now is the time to start planning. Whether you are nearing retirement age or just setting up shop, business owners should take time now to build a succession plan that protects your business' longevity and secures your financial future. Contact HORAN to review or build your succession strategy.
Greg Hoernschemeyer, CLU Senior Vice President
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