Why Succession Planning Is Important for Your Business
Updated: May 5
In our day-to-day business we have conversations with small business owners to help protect their most vulnerable assets in and around their business. Inevitably, the conversation turns to short- and long-term planning including succession plans. Did you know less than one-third of small businesses owners have a succession plan.
Sometimes the succession planning conversation leads to a puzzled look from across the table for many different reasons. ONE there is no succession plan in place. TWO there is an assumption that the next generation will just takeover, but the hard conversations haven't been had. THREE they haven't sought advisement from the professionals like a good CPA, attorney or coach. And much more.
This 10-minute small business podcast from The Hartford helps stimulate the succession planning conversation. Putting forward preparedness today will help to establish a solid foundation for your future ambitions and not leave your family second guessing what you would have wished would have happened. Enjoy the listen!