A succession plan is really an exit strategy by another name. A well thought out and constructed succession plan will identify a range of likely scenarios and map out a plan of attack to exit your business in a way which optimises your desired outcomes.
In doing so the plan should consider both planned and unplanned scenarios. For example, if you were unable to continue to run your business, either through incapacity or death, would your business be positioned to continue without you, and if so how would it do that? Think about that from the context of continuing to provide for your family.
A well-planned strategy should hope for the best and plan for the worst to ensure you desired outcomes are achieved.
To get your plan in place, including all of the necessary authorities and notifications, talk with one of our succession experts today.