7 Steps for Creating a Smart Succession Plan

Most family businesses claim to have a succession plan in place, but many of those are informal, increasing the chance that a transition of business ownership might not go smoothly. Here are some tips to ensure a solid plan is in place.

Many owners of both small and large family businesses are reluctant to undertake succession planning and end up doing so as a result of other personal planning. Whether the owner or owners are addressing their estate or their retirement, neither can be adequately structured without...

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