Ensuring Legacy with Small Business Succession Planning
Summary
Succession planning is crucial for small business owners to ensure the longevity and success of their ventures. This planning involves outlining the transfer of ownership and leadership, whether due to retirement, incapacitation, or death. A thorough succession plan includes choosing and preparing a successor, managing debt, and addressing tax implications. Options for succession include using wills or trusts, operating agreements, buy-sell agreements, and employee handbooks. Effective succession planning can prevent service disruptions and maintain business stability, protecting the owner's legacy.
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