BMO Nesbitt Burns
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Business Succession Planning
As business owners ourselves, we understand that your business is likely your single largest asset in terms of value, but it may also represent a major source of self-esteem and personal worth. As a result, you may not want to think about the day when you will no longer be running the business.
However, succession planning for your business can be a complicated affair. You have to consider whether there are qualified successors in place, and how your employees will react to having a new boss. You will need to set your financial goals, understand your legal requirements, and have a firm date for your exit from your business.
Careful planning is required so you can be confident that your business will continue to succeed if you are no longer running the show. Also, if you work in partnership with another person who is key to your business, you should ensure that contingency plans are in place if they step down from the business earlier than expected.
For a step-by-step process to help guide you along the way, click here to review The Succession Source.
Click here to review an article on Business Succession Planning. If you have any questions or would like to learn more about Succession Planning, please send an email to Brian Slessor