Succession Planning

Planning Ahead for the Business Succession

“Develop your exit strategy before it’s too late.”

In today’s episode, I discuss planning for the future of the business and yourself.

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E514: Business Succession Planning

Will your business survive beyond you?



  1. What happens to your business in the future
    1. What happens if you get hit by a bus
    2. Can your business survive
    3. Do you have a plan
  2. We need to plan for the potential issues
    1. Death or temporary issues
    2. Who will run the show
    3. Your family? Others? Is your family protected?
  3. Think your plan through
    1. Find the right people
      1. What’s in it for them? Long term stake?
    2. Put controls in place to monitor
    3. Write a formal plan
      1. Consult with your attorney
      2. Update is regularly
      3. Consider insurance