Succession planning is something that many small business owners have little time to think about. Conversations surrounding succession planning may be sensitive and awkward. However, if you want your business to outlive you, you must implement a succession plan. A recent article in Forbes discusses several questions to ask yourself when creating a succession plan for your business. Before creating a plan, you need to ask yourself some questions to assess what your ultimate goals are. The first and most important question, is do you want the business to continue on without you? In some situations, the most logical thing to do is to close the business upon the death or retirement of the owner. While considering this question, remember to think about what outcome best suits your needs for retirement and otherwise. The process of succession planning requires business owner to share sensitive information with the selected successor. This is a risky proposition, and often requires a solid legal agreement, as well as trust, to protect you in the case that your selected successor attempts to take your information and start or join a different company. Finally, consider whether your expected outcome is reasonable. Speak with outside advisors who are not involved with your business about what you want to get out of succession, and what your business may be worth. Speaking with a neutral advisor will assist you in determining whether your goals are realistic. For assistance in considering and developing a succession plan for your business, call us at 818.956.9200.