Patel & Dalrymple, PLLC
Tips for Successful Business Succession Planning
If you are a Virginia small business owner, you probably understand all too well just how much time, energy and focus it takes to see your dream through to fruition. Given all the balls you may be juggling in the air at any given time, you may have devoted little, if any thought to date about what you plan to do as far as business succession planning.
Neglecting to make plans for the future of your business, however, can have ripple effects on other areas of your life, so it is an integral part of operating any business you wish to see outlive you. Succession planning is also important if you wish to one day turn your business over to someone else and sell it for a profit. So, what can you do now to better prepare your life’s work for the future?
Consult Those in The Know
While business succession planning is undeniably important, it is also undeniably complicated. The choices you make during the process can affect your finances, your taxes and other elements of your life, so make sure you clearly understand the process before making any major decisions to ensure you make informed decisions.
Creating a solid business succession plan is not always a quick process, as there are numerous considerations and steps involved. Many financial experts recommend starting to craft your succession plan at least 10 years before you plan to retire. Doing so can increase the chance that you have adequate time to either prepare the right people to take over, or prepare to place your business up for sale.
Succession planning can take time, and deciding who you want to take over your life’s work is a choice worthy of careful consideration. By having a well-conceived business succession plan in place, you may find that you sleep easier knowing you can either increase your chances of making a profit on it, or leave it in the care of highly capable hands.