Business succession

As a small business owner, you’ve invested a lot of blood, sweat, tears and money into your dream. Only you know the obstacles you’ve had to overcome and the hours of work you’ve invested to build your business to where it is today.

When the time comes to close this chapter, you’ll want to ensure you’re prepared for a smooth transition. Our experts will work with you to develop a succession plan for your small businesses to help you prepare for the day when you’re ready to step away.

It’s never too early to get started

Planning for succession can take years to work through the ins and outs of your business. A solid succession plan is essential to ensure there’s a smooth transition to new ownership and management. A strong plan can also help you to identify and put together an agenda to train and mentor the right people to step into leadership positions. Typically, a business would put together  short, medium and long-term succession plan. By planning your exit strategy carefully, you’ll help maximize the value of your business and feel more confident in your future.

Options for business succession

Have you decided what will happen to your business when you decide it’s time to move on? No matter which path you take, it’s important to have a roadmap outlining where your business is headed.

Selling your business

If you plan to sell your business, will it be to your partner, employee, family member, friend or an interested third party? If you decide to sell your business, it’s important to develop a plan for a smooth and seamless transition to the new owners, maximizing value for both you and your successors.

Closing your business

If you choose not to sell or transition your business, you may decide to close the doors entirely. You might consider this option if the business you operate is small and you may not gain the value of the assets and equipment as they are minimal, or if you can’t locate a suitable party to sell to.

Planning is key

When you finish creating your succession plan, don’t just file it away and forget about it. Over the years, key employees may leave your business, family members may lose interest in taking over and your own plans for your future may shift. Reviewing your succession plan annually with your team of qualified professionals will help ensure a successful and seamless transition, no matter under what circumstances.

We’re here to ensure a smooth succession

Our Affinity Wealth Management experts are here to help you plan for a smooth transition. One of our Financial Planners will guide you through a succession plan, giving you peace of mind for the future of your business.

Our professionals can help you determine the complexity of your succession plan and identify which other professionals may need to be involved such as a lawyer, accountant and wealth advisor. Start your succession plan today by connecting with one of our experts at 1.866.272.2521.

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