SUCCESSION PLANNING MUST BE A CONSTANT PRIORITY
By Tom Sponsel, CPA/ABV, CFF
With COVID disruptions and distractions, and the start of a new business year, succession planning is probably not at the top of your priority list right now, but you should never lose sight of it. It's important to plan for the perpetuation of the business both from an equity ownership standpoint as well as the transfer of the executive management of your enterprise.
For a successful transition, it's best to plan five to ten years in advance, but it is never too late to start! You'll want to have a clear vision for the future of your business. However, if you are passing the business onto a younger colleague or family member, you may need to collaborate and compromise in order to bridge the generational gap and decide upon a vision that suits both of your respective objectives.