A “silver tsunami” of retirement has landed on the shores of the United States—and it will continue to assail American businesses for the foreseeable future. As privately held businesses in the U.S. face this mass wave of retirement, it’s more important than ever to prioritize succession planning.
But most businesses—including those that are family-owned—do not have a succession plan in place. It shouldn’t be too surprising. Founders and owners care deeply about their businesses. Letting go can be painful. It’s closing the door on a significant part of their life. And who replaces the founder could disrupt business operations, and even cause strife among the family.
Deciding the successor of your business can be taxing. But the future of the business—and the family—is on the line. For a structured approach to succession planning—with four easy-to-follow steps—read “The Founder’s Final Act.”
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