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Successful Succession Planning

Unfortunately, it is often the case that a small remodeler or other business owner simply closes the doors, leaving with whatever savings they were able to accumulate. Although this decision works for many, it is possible, no matter where you are in the cycle of your business, to plan for its long-term continuation.

Although an out-right sale of a business isn’t always possible, with the proper pre-planning, you can set your business up for a ready buyer. Often that buyer is someone who is already part of the business, such as an employee with the potential and desire to run a business, or a family member.

Over the years, I have had some clients who had the foresight to institute such planning. In most of these cases, the owner named a key employee as a “partner” years before they were ready to turn over their businesses. The simple action of naming the employee a partner did far more than set the business up for future sale; it also resulted in a positive change in the attitude, willingness and responsibility level of the employee. This action instilled a sense of pride and commitment in the new partner.