Do You Have a Documented Succession Plan for Your Business?

A written contingency or succession plan is a necessary step in business ownership. Yet PwC’s 2021 U.S. Family Business Survey found only 34% of family-owned companies had a documented and communicated succession plan. Your business could be in jeopardy without one.
Make emergency and long-term exit plans. An emergency plan typically accounts for events like an unexpected death or termination of employment. A long-term plan is a strategy you conduct over the years. It might involve bringing on new leadership, such as transitioning a child into the business so you can begin the retirement process. Or it might involve selling off parcels of the business or working toward a strategic vision.

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