The article explains why it is necessary for a business to begin developing their own succession plan, as well as weigh the pros and cons of implementing a family member succession versus a third-party sale or multiple non-family owners. Additionally, it lists five guidelines for a business looking to determine a multiple family member succession.
In the article, Mr. Silk clarifies the best time for a business to plan an exit strategy, which would be at least “three years before a transfer may occur, but as soon as the business starts having value to a third party.” He also highlighted the importance of succession planning, as “[s]uccession should be a key part of the business strategy and an owner’s financial and estate planning.”
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