There’s no doubt that it can be a real challenge for business owners to talk about succession planning. For some, it’s because their drive and entrepreneurial vision contributed so much to the success of the enterprise. For others, it’s because they can’t imagine taking a step back from the business. And for others, it has to do with not being sure what the future holds in terms of the business. All of these are understandable reasons for putting off the succession planning conversation, but they don’t diminish the true value of thinking ahead. 

Succession planning is not just answering the “who” question- it’s about answering the “how”, too. There are several different tools that can be used to help with the process of succession planning, such as a buy-sell agreement and life insurance. If you aim to be passing on the business to another generation, you need to have a conversation with your business succession planning professional to talk about the most effective way to do this. Keeping stakeholders involved and informed can be crucial for success.

If you think that the business is going to end with you, or that you might want to sell it, these are equally important concerns that may lead you into a series of estate planning questions specifically for you. The reality is that even if you’re not sure of the direction you’re going to go, setting up a meeting can help you work through these difficult issues and determine an effective route for moving forward. Have questions? We’re here for you- give us a call at 601- 925-9797.