Take stock of those areas where your personality, skills or influence are key elements of your firm's success. Begin a program to transfer these activities to others within the company. Review the company's financial statements. In most private companies the need to show a profit is overridden by a desire to minimize taxation. Seek and use advisors.
Succession planning is very personal and can be an emotional process.
It's not unlike giving your daughter away in marriage, or to some, putting a child up for adoption. This is a once in a lifetime action. You need every advantage you can garner. Determine the value of your company. In order to accomplish this you need to know the difference between the various types of buyers active in today's marketplace.