Ask yourself these basic succession planning questions to see where you are in your planning process.
Are you able to leave the business on your timetable.?
How much longer do you want to remain active in the business?
Do you have the legal documentation in place detailing your wishes if something should happen to you?
Will your business be financially stable enough for the new owner to succeed?
Do you know how much income will you need for the rest of your life after you leave the business?
Will you need to be cashed out when you leave the business or are you able to receive the purchase price over many years?
Who would you sell your business to today if you had to? Do they have the financial ability to purchase your company?
If you sell to an outisde party is your company prepared to get you top dollar?
This is just a start, but if you do not have these basic steps addressed you should start planning today.
