Being a small business owner myself, I truly understand the positives and negatives of running your own small business. There is always work that needs to be done and often not enough hours in the day to accomplish them.
Once your business has been established and has become a valuable business, owners must start answering a different set of questions. If your family is dependent on the business, it could be vital to set up a small business succession plan.
When we sit down with our clients and there is a business of value to talk about, we like to hear the owner answer the below questions. Just like your estate plan, it is always good to go back and make sure the answers have not changed from time to time. Life changes and so do answers.
Some questions all small business owners need to answer:
- Who will take over the business when I retire?
- Should I keep it in the family?
- Can I sell my business?
- How much is the business worth?
- Are there signed partnership agreements?
If you are a small business owner and don’t know where to start, start with us. Contact us today and get the ball moving in the right direction. Let’s sit down together and figure out the answers to these questions and any that you might have. Your initial consultation is free. If you like what we say and present, only then will we move forward.
There is no perfect time to set up a business succession plan, the biggest problem owners run into is waiting too long. And that is ultimately the only question that matters…but when will that be?
Contact me today to make sure your family benefits the most from your succession plan and the right person takes the reigns to lead your business into the future.