Roadmap for a Successful Succession Plan
With over 23 million small businesses in America1 and a significant portion of their owners nearing the retirement age over the next two decades, succession planning is an ever-pressing issue that often times gets overlooked. For example, a survey performed in 2012 by the AICPA found that 54% of multiowner firms did not have a written, approved succession plan in place, yet 79% of business owners expected succession planning to be a significant issue in the next 10 years.2 While there is no set timeframe on when a business owner should begin the succession planning process, a rule of thumb is that he or she should start at least five years prior to his or her anticipated exit from the business. Therefore, it is imperative that business owners start early towards planning for this goal. This article is not meant to serve as a comprehensive guide, but rather is designed to serve as a structural aid for business owners when starting the succession planning process.
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