Published on December 6, 2014
When it comes time for a business owner to hand over the reins to someone else, it’s important that there is already a plan in place outlining the logistics of the transition in order to ensure a smooth hand over. This plan is a business succession plan. Succession planning can be a complex process,although breaking it down into its component parts makes developing one a whole lot easier. Many factors need to be considered including: determining the value of the business; settling tax and debt obligations; choosing and working with successor(s); and communicating the plan to all interested parties.