Owners frequently want the business to carry on after their retirement or death. Many owners do not come to a firm decision regarding what will become of the business after their exit. Instead, many believe they are “leaving their options open” as to whether they plan to transition the business to the next generation, sell to employees, or sell to a third party.
A comprehensive succession plan is not an event, but rather a process. As such, one of the biggest assets in a succession plan is time. Succession planning steps must be thought as parts of a complete progression rather than separate actions.