6 common mistakes in business continuation planning
Most business owners know they need one; however, I still meet with business owners weekly who do not have a formal business continuation plan in place.
Most business owners know they need one; however, I still meet with business owners weekly who do not have a formal business continuation plan in place.
Business continuation planning is a systematic plan to either continue or dispose of your business interest in the event of your retirement, disability or death. If you fail to plan your own exit strategy, forces beyond your control may create a plan for you.
When you ask business owners about their retirement plans, many answer, “I’m going to sell the business.” But without a plan in place, the chance of transitioning the business to a new owner who shares similar values and is willing to pay a fair price greatly diminishes. You owe it to yourself and your[…..]