Succession. It’s more than just the hit HBO show; it’s important to plan your business’ legacy while you still have time. Recently, PayneWest’s Life and Business Perpetuation Specialist, Shaun McChesney, presented his findings on the subject at this year’s Riscover Conference.
When is the Right Time to Consider Succession Planning?
The answer is: immediately, if not sooner. Get ahead of potential problems that could add confusion to transfers of control or even the division of assets. Your business might be small now, but in 10 or 20 years it could be a complex web of partnerships and investments.
Who Can You Consult to Protect Your Business?
Trained succession planners, like Shaun McChesney, point out that the complex relationships between the legal and contractual services are often best served by those who specialize in these types of transactions. Experienced perpetuation specialists can anticipate problems and resolve them before they become harmful to your business relationships.
What Pitfalls Should You Anticipate?
Get ahead of problems when you start your planning. It’s with proper planning that most businesses can ensure smooth transitions when changes are needed.
- Anticipate risk and how to protect your business.
- Consider your business investments as well as personal financial planning.
- Consider the roles and worth of division of assets among family members.
- Ensure your business can survive the loss of a key employee.
With a little bit of time and foresight, planning for the future of your business can not only ensure an easy transition when the time comes for you to step away, but it can also pave the way for your own future happiness as an owner as well.