When it comes to succession, the planning process is as important as the end result. Whether you ultimately sell your business outright or identify an internal successor, it’s important to start with a deep understanding of what you need to move on. Only then can you create a plan that makes sense for you and whomever is following in your footsteps.
A solid succession plan may take seven or even 10 years to implement. Begin contemplating these questions now and you’ll be ready to take the next steps toward your own retirement:
What do I want for me?
What do I want for my clients?
Where am I willing to compromise?