Business owners have multiple plates spinning in the air on any given day — from executing essential daily operations to overseeing production and exploring new opportunities for business growth. As a result, some of the most important — but less pressing and exciting — facets of the business get pushed to the back burner.
One of those important items is succession planning.
In the case of a family-owned business, owners may have received the business from a parent or grandparent and may expect that their own children will enjoy the same relatively simple pass-down process.
However, today 58% of small business owners do not have a succession plan.
Many owners plan to run the business indefinitely or for the rest of their lives. And some intend to keep the business in the family and gradually transition ownership to a daughter or son, or grandchild.
But if something unexpected should happen to you before retirement without a succession plan in place, a slew of uncertainties begin to circle your business.
Read the full article on the PBMares Wealth Management website.