What is a business succession plan?
A business succession plan is the strategic process that enables the successful transfer of ownership of your business when you fully retire, semi-retire, become disabled, die or simply desire to move onto the next challenge in life. Ideally, it should define what you need to do to maximize the enterprise value of your business or pave the way to a seamless transition to the next generation.
While creating a succession plan is often one of the most important decisions a business owner can make, creating one to smoothly exit a business is something that is often overlooked. Unfortunately, a business succession plan is something that few small businesses have in place.
Why small businesses often don't have a succession plan
According to Forbes, it is estimated that only 42% of small business owners have a succession plan. Many started very late in their careers, usually after experiencing a health scare or burn-out.
For those who make the effort and are successful, the financial rewards are often substantial. Business owners who follow a structured process often receive significantly more money for their business than they otherwise would have without a detailed plan. Therefore, it seems logical that a business would have a succession plan in place.
But the process is complicated, expensive, requires diverse expertise that you may not have and can take significant time and energy to accomplish. Frankly, it can be quite intimidating. This is one of the main reasons why so few business owners have created their succession plan.
How we can help
The Triton Financial Group has decades of experience in helping business owners navigate this complex and sometimes overwhelming process to get you across the finish line. We have a unique process that ensures you are prepared financially and emotionally.
Triton and its team of experts will be your trusted partner in making this work for you. Our professionals can assist when needed and will integrate with other professionals you may already have on your team.
If you’d like to learn more about business succession planning or our unique approach to ensuring you're prepared, please feel free to reach out to us to set up a complimentary consultation. Its never too late to start succession planning … until it’s too late.
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