Based on the simple fact that no one lives forever, all business owners eventually will transition their businesses to someone else. Therefore, business owners have two choices:
Getting the right advice to successfully transition a business is important to both the family legacy and to the financial well-being of the business owner and his or her family.
Key parameters must be planned for and addressed:
The result of putting a plan in place and beginning to implement it is that the business owner feels more in control of his or her business and life. Interviews also show that an effective business succession plan provides clarity and gives people in the organization peace of mind about their future. In addition, the value of the business is usually increased substantially through this kind of planning and cultural shift.
Despite the importance of business succession planning, very few business owners spend the time, energy and money to do this right. The New York Times says the failure to create a succession plan is like a "time bomb," yet it is estimated that more than two-thirds of privately-held companies do not have a succession plan.
In cooperation with business owners' other advisers, Golden Trail has helped guide business owners through these important topics. Advising business owners on succession planning is just one more way Golden Trail can help you on "your path to financial well-being."