If your successor consents, it may be helpful for you to join the advisory board after you retire. If you want to pass your family business on to the next generation, succession planning must go beyond the typical tax considerations of estate planning. Planning for succession is a long-term project that needs your full commitment. The four steps outlined here are merely the basics of building your succession plan. Each business is different, and its unique characteristics will shape the specifics of the plan that will work best.
Succession planning can sometimes seem like an overwhelming task.
But with some forethought and professional advice, you can create a plan that will help ensure your firm's success far into the future.