Did you know that 70 percent of the family businesses fail to survive the changeover from founder to second generation due to bad succession planning?
It’s hard to think about it, but it’s inevitable that one day you will have to leave your business. Whether you choose to sell it up or retire, it’s important that you plan ahead for that day. A succession, or exit plan is a draft that describes who will take over your business when you decide to leave.
If you run a family business, then you may face its own set of complications. Family businesses often have complex cultures and intimate histories that are hard to understand. They have numerous problems that work against the successful continuation of the company. Fortunately, with planning and focus, most of these problems can be resolved.
Hiring A Professional to do the job:
It is very important that you have a professional on board when preparing an exit or succession plan. A well-made succession plan assists in smoother transition with less probability of disruption to operations. At Fay Jamasbi, we help you create a viable succession blueprint that provides for your financial independence after retirement and positions your business for continued growth and success. Some of the key issues that we handle include:
If you want to pass on your business and hard work to the next generation, then succession planning is the most advisable thing to do. A good exit or succession plan makes sure that you have the money you need to retire and that your business continues to thrive for years to come.
So if you’re putting off succession planning, call our experts and let us help you make the transition simple and less painful!