Sooner or later, everyone wants to retire, but what will happen to your company? Determining what happens to your business can be as important as ensuring that you have enough money to retire. Who's going to manage the business? How will ownership be transferred?
With a family business, succession planning can be even more complicated because of the relationships and emotions involved. Many people are not comfortable discussing topics such as aging, death, and financial affairs. You need to be realistic about capabilities and real interest in continuing the business.
There are many questions to be answered and prepared for regarding a successful transition. You will want to start early, ask your family’s advice and determine what is in the best interest of the business. Don’t hesitate to ask for professional help. Speak with an attorney, your CPA and your financial advisor to help facilitate a smooth transition.