Succession Planning for Business Owners: Why It Pays to Plan Ahead

As rewarding and fulfilling as owning a successful business can be, the time will come to hand over ownership of the enterprise to a successor or sell it and use the proceeds for retirement or some other purpose. That’s why having a formal succession plan in place is a must for most business owners who envision eventually retiring from that business, who want the business to be an ongoing viable entity after he or she retires, and who want to maximize the value they and their family get out of the enterprise upon their exit.

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