We’ve already impressed the general importance of business succession planning in numerous blogs, but many people never get to the point of actually accomplishing it because they are falling for one of these three common myths. 

Myth #1: A Successor is Automatically Ready When I Am

Without having this conversation with a successor, you cannot know for sure whether or not a successor is ready to take things over. Careful planning and an initial conversation are both important.

Myth #2: It’s Easier if We Just Plan to Sell

Selling your business is certainly one option for business succession planning, but it should not be the only one you consider. You should never make a decision about the future of your business without first discussing it with key stakeholders and your business succession attorney.

Myth #3: We Have Plenty of Time

This is probably the most damaging myth out there, but it’s also the most common one. Far too many businesses fall into the trap of assuming they’ve got plenty of time in which to finalize their succession plan. The reality is that sudden exits can happen at any time and that your planning should be done long before an incident like this arises.

To learn more about how to approach or update your business succession plan, contact an attorney today.