Succession Planning

You have worked hard to build a thriving business. You think of the nights away from your family, the times you were the only one who did not draw the paycheck, and the years when everyone but you went on vacation. You look with pride at your children- the next generation of leadership for the company. You are ready now to pass that leadership torch, but realize that there are too many unanswered questions. There are complicated, sensitive issues that must be resolved.

It is estimated that only 30% of closely held businesses make it through a transition to second-generation ownership, 12% to the third generation, and only 4% beyond the third. Crafting a succession strategy can result in the survival and growth of the business