Friday, June 22, 2012
As I previously discussed, owners of small businesses might to consider creating a succession plan to ensure that there is someone to take care of their business when the owners leave, either on their own accord or through an unexpected tragedy.
There are a number of different strategies that a business owner can employ in creating a succession plan. For example, one business owner felt that it was important to discuss the matter with his sons and their families to determine the best course of action. Through meeting with his sons and their wifes, the business owner learned more about the situation that he could ever have learned otherwise. The important concept to take away from this business owner is that succession planning is not structured activity, and how a business goes about sucession planning is largely based upon their business and family.
See Jay Goltz, Is My Family Business Going to be an Orphan?, New York Times, Apr. 25, 2012.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.