Many business owners work long and hard to establish and build a profitable business, often sacrificing a more comfortable work/life balance, overseas trips and time with the family, to ensure the business thrives and grows.
With estimates that one in every three small businesses will fail within the first year of operation, owning and operating a successful business over the course of ten or twenty years or more, is a remarkable accomplishment.
For many small business owners, running their own business is a “lifestyle” decision. They forego the relative stability of salaried employment to experience the challenges and rewards of being their own boss. They’re independent, they’re self-employed and they’re creating wealth through yearly profits.
We often find that business owners become so engrossed in the management of the business that future succession plans, and their ability to exit the business with the reassurance that they are leaving it in the best position possible is often overlooked.
Succession planning requires owners to take a step back and review the best option for the future of the business as well as their own financial security. With so much at stake a succession plan can help you to exit your business with the maximum profitability and lay the foundations for its continued success.