Do You Have a Business Succession Strategy?

If you own a business, you’ve always got plenty to think about: sales, marketing, employees, competition, industry trends, consumer preferences – the list goes on and on. It’s easy to get so caught up in your work that you might not take time to think about retirement. But if and when that day arrives, you’ll want to be prepared – which means you need a business succession plan.

• Selling the business outright – You can always sell your business outright whenever you like – right now, when you retire or some time in between. Of course, any sale brings tax considerations.

And you will have to p...