A critically important decision and planning opportunity for most privately held businesses is how to provide for the continuity of the business. Let’s face it… there will be a transition, and your only choice is whether to have planned for it or not. Best-in-class businesses and owners have taken the time to consider their options and preferences, documented the succession plan, and communicated their desires and plans with stakeholders and affected employees. Many issues should be considered as part of the planning process - shareholder and family dynamics, the strengths and commitment of key employees, liquidity to fund equity transactions, and a host of other related topics.
Have you considered your options? Do you have a plan? Does anyone know your plan? Do you have someone without a vested interest in the outcome to advise you and coach through the process?