Your life after selling your business

Interesting to read this recent report on succession planning for business owners.

https://www.ftadviser.com/companies/2024/05/30/family-succession-needs-years-of-planning/

So often families make assumptions about succession, that their passion for their business is going to be passed on.

Often it doesn't play out like that…

Maybe children of the business owner have first hand experience of how hard their parents are working, and choose a less stressful path - often possible as a result of their parents efforts!

Or your children think they will be fine to inherit the business, yet find themselves short of experience when the time comes and the business is impacted.

Some parents may feel someone else is a better option for succession, and that decision can cause rifts in the family relationships.

Business brokers might be brought in to help ready a business for sale instead of succession - to avoid the problems of not having a succession plan.

It's worth putting time into your succession planning sooner rather than later!

We all know how it turned out in the TV series Succession - don't we? Didn't watch it? Not to worry, it didn't go smoothly!