This Month’s Problem Solver
Never Too Early to Begin Succession Planning
After a business owner has devoted many years and thousands, if not millions, of dollars into his company, it can be tough to let go. However, failing to plan for that time can be catastrophic to a company’s longevity and success.
Succession planning is something that most business owners consider “nice to have,” when it should be “need to have,” says Jonathan Lapine, a certified public accountant, certified financial planner and principal with W3 Wealth Management LLC in Warren. Of the 78% of small-business owners who intend to sell their businesses to fund their retirements, fewer than 30% have a written plan, he says.
Succession planning is “extremely easy to kick down the road” because it doesn’t generate a sale, serve a customer or collect a bill. But if owners wait too long to plan, it can be too late when they need one.