Business succession planning — the process of thoughtfully planning ownership transition of a business — is still uncommon among businesses with fewer than 300 employees. In fact, fewer than half of small businesses have a formal plan that transitions ownership to a family member, employees, or another company.
First Business Bank’s business succession planning experts share their best tips and strategies for starting the business succession planning process, including:
- Where to start and what to consider as you begin the process
- General benefits and disadvantages of popular business succession options
- Ranking your priorities to help make decisions
- Options to stay involved in the business after transitioning ownership
Business succession planning should go hand-in-hand for most business owners with their personal finance planning to protect their loved ones should something unexpected happen.
Business Succession Options