Succession planning tips for small-business owners

Risk Management Financial Planning

Succession planning tips for small-business owners

Business_owner

Thinking about handing over the reins to your business? These considerations will help you create an effective and tax-efficient succession plan.

There are many benefits to being your own boss, both while you’re running your business and when you’re ready to step back from it. Because you’re in charge, you may have greater flexibility around when and how you decide to retire, and you can decide whether  to pass on your business to a family member or sell it to a complete stranger.

Whether you’ve built your business from scratch on your own, you have one partner or you’re part of a corporate partnership with several different business owners, there are a number of considerations to take into account when the time comes to hand over the reins to someone else.

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