SUCCESSION PLANNING FOR YOUR SMALL BUSINESS
It's an uncomfortable topic, succession planning, but one that is highly important. None of us like to think about our lives reaching the end, but as a small business owner it's a must do to keep your business in the right hands and continuing to prosper, especially if you have a family and want to ensure their future as well. It's extremely important that your decision of who will be the successor of your small business is based on logic and not emotion.
If you are choosing a family member as the successor of your small business, having this conversation with all family members and explaining your logic behind it prevents unnecessary conflict upon your retirement or passing.