(BPT) - Building your business has been your life’s passion. You have dedicated much time, energy and finances to ensure its success, and you want that success to continue even after you are no longer involved in the daily operations. This is why succession planning is essential.
Consider these two scenarios: First, you’re 75 and your son and daughter have been involved in running the business for 20 years, making some management decisions for the last five years. You have all discussed and have agreed on plans for the future of the business. Now imagine you’re 75 and you oversee all operations and make all the decisions without the input of your family. You have had no discussion with your son or daughter on whether they desire or intend to take over the business.