Why you need a business succession plan?

If you or your business co-owners leave the business without any warning, whether due to sale of ownership, retirement, marital breakdown or medical issues, have you taken the necessary steps to protect your investment capital and ensure the business survives?

Business succession planning is a deliberate and well thought process. A well-designed succession strategy guards against the unexpected event. Every exit by a business owner regardless of the reason, including exit initiated by remaining owners, will require repayment of capital to the departed business owner’s beneficiaries.

The weakest link in small to medium businesses is the incapacity to replace business capital without warning. This is the single most common reason for business failure.

 As a Business Owner do you...

• Know how much your business is worth today, or how to value it in a future crisis?
• Know the best way to secure all capital investment generated by your business ownership?
• Know how to transfer your business ownership to family members, co-owners, or employees?
• Have certain knowledge that your family will recover all business capital should the unexpected happen to you?
• Know how to leave the business partnership as an owner in a way that is fair to all involved?
• Have immediate business survival strategies ready to employ if a co-owner withdrew their capital unexpectedly?