As business owners look forward to retirement, many of them have high hopes they can pass along their business to their children. A lot of times they just don’t know how to make this happen. If this is something you are hoping for your business, be sure to speak to your children early and often. Get them involved in the business as soon as they are able. Let them know what is going on at the executive level. They need to learn from the best, and that is you, the owner.
Once the child or children have made their interest known to take over the business and you feel the transition would make sense to them, get in touch with your trusted advisors. They will let you know what steps to take to ensure an appropriate transition to the children to protect the business you have created. The earlier you contact them, the more prepared you will be when the transition takes place. It will also make the transition less stressful and keep the family dinners more peaceful.
Contact us for additional information on succession planning strategies.