It is not nice to think about, but inevitably one day you will die. It may be after a long period of illness during which you are incapacitated, or it may be sudden. If you suddenly got sick or died, what situation would your family be left with?
If you run a business, one day you will want to retire, or be forced to leave due to a sudden event, age or illness.
Whether you sell up, retire and close the business, or step aside for someone else, it is very important to have a succession plan in place that makes the transition easy – not only for yourself, but also for your family or employees.
A successful succession plan for a business is made involving all family members as it will take into account not only provisions for your retirement income, but also the plans, aptitudes and existing assets of younger generations.