Business succession planning sets up a smooth transition between you and the future owners of your business. With family businesses, succession planning can be especially complicated because of the relationships and emotions involved - and because most people are not comfortable discussing topics such as aging, death, and their financial affairs.
"As I grow older, I pay less attention to what men say. I just watch what they do." - Andrew Carnegie, Scottish-American industrialist
- Will your business even carry on, or will it be sold?
- Who's going to manage the business when you no longer work the business?
- How will ownership be transferred?
- Your business partner could legally sell their interest to someone you don’t want as your business partner
- If you predecease your spouse, ensure that upon your spouse’s death your assets go to your children
"As I grow older, I pay less attention to what men say. I just watch what they do." - Andrew Carnegie, Scottish-American industrialist
