North Carolina business owners like you may want to eventually retire or pass your business on to the next in line. Rather than waiting until the last possible minute, we at Connors Morgan, PLLC, suggest starting your business succession planning well in advance.
A business succession plan is important because it allows you to make detailed and well-researched decisions about what you want to have happen with your business after you are no longer able or willing to manage it.
As such, you need to ask yourself some questions. Who do you want to take over the business? What do you want to see happening to the company in the future? Do you want the original ideas you built the company on to persevere, or do you want it to change with the handover? What are your core values, and how do you want them to be expressed after you pass on the torch?
Once you have these questions asked, you can start building your succession plan. Select an heir who you feel will responsibly uphold the ideals of your business. Make a plan that will pass down the knowledge necessary to run the business smoothly. Discuss business options and possibilities with the next in line. Decide what you want to do with the business even further in the future.
If you have any intention of passing your business down the family line, then you will need to have a business succession plan. Consider taking a look at our web page on business planning, linked above, or contacting our attorneys for more information.