Effective succession planning requires time, expertise and discipline. The more time you have to develop the plan, the greater the likelihood of a successful outcome. Advanced planning allows time to consider your options, and working with knowledgeable advisors helps to both properly structure and execute a transition plan.
Success plans typically go down one of two roads. Either you’re going to decide to keep the business within the family, or your going to sell the business in some fashion. Selling the business might involve a strategic partnership where you retain a role in the business; establishing an ESOP where you transition the business to employees, or an outright sale of the entire business. No matter which route you choose to take, having the right partners to advise you gives you the greatest chance of accomplishing all of your objectives.