Like estate or retirement planning, business succession planning is something that most people — no matter how financially or professionally savvy they are — would rather put off indefinitely.
Benefiting from Creating a Business Continuation Plan…
- Allow the business to continue without losing revenue, assets or clients after the owner is gone
- Determine who will continue to run the business so that it can remain closely held if desired, or prevent the termination of business status, such as a subchapter S corporation or sole proprietorship
- Reduce the chance of complications during transition that could threaten the future of the business, or the value or income to the surviving co-owners and the owner’s heirs
