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Helpful steps in creating a succession plan

For many business owners, the toughest issue to resolve in a business is how to keep it profitable. However, the biggest question is commonly an unresolved one: how to pass the business on when the owner retires or is unable to run it. Because of the difficulty in answering the question, many business owners may avoid it. And let’s face it, many are simply too busy.

Nevertheless, there are certain steps that business owners can take to position themselves for smooth transitions into retirement. We will highlight them through this post.

Think about what a happy retirement looks like – This may be difficult given how busy a person is, or how they may be obsessed with work, but devoting some time to consider what creates happiness outside of work is an important step in figuring out how to transition into retirement.

Start conversations with business brokers – This is especially important if you do not envision passing on the business to a family member (a child or younger relative). It is also helpful to know how (or whether) the proceeds from selling the business will fund your retirement.

Revisit your succession plan – If you have been procrastinating over finishing the plan, or if you haven’t started one, it is worth the time to put a plan in place in case a life-changing event occurs.

As the New Year begins, perhaps this may be a time to visit with an experienced estate planning attorney to discuss your dreams, concerns and obstacles will help you get started.

Source: Money.cnn.com, “Will 2014 be the year you make a succession plan?” Ann Fisher, December 17, 2013

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