When It’s Time to Go, It’s Time to Go
We’ve discussed how your business plan can help you build your business and make it successful. However, what happens when it’s time to let someone else take the reins? Do you have a plan for that?
Planning for a successful transfer of business ownership is also an essential part of your overall business planning. Although it might not be a part of your business plan, a succession plan is an important tool that will provide for the longevity of your business.
A succession plan, also called an exit strategy, is a document that outlines future ownership of the company. It includes how the company will be transferred, including any buy-out agreements or remuneration that is to take place upon ...