Both Lisco and Plumb offer sound advice. Business owners should always consider an exit strategy and a plan for succession. You should review your exit strategy every two years with legal, accounting and financial services professionals. Business owners who take the necessary time up front to create business succession plans can save the future value of their businesses. Planning helps take advantage of the tax laws, spreads premium payments for insurance policies over several years, determines which family members will manage and which family members will benefit from the value of the business and creates management teams that can sustain the loss of the owner.
Successful succession occurs when an owner plans ahead for the future.