5 Steps to Business Succession Planning

Business Succession – 5 Key Steps

1) Visualize how you want your life to look after you are gone from the business.

2) Run the business like you will have it forever.

3) Groom your managemnet and transition team

4) Document systems and processes buyers pay premiums for.  Document systems that consistently generate profits.

5) Focus on your best buyers and clean up your financial statements, as this will be the basis for their diligence.

By Jim LaHam,Partner and Certified Succession Planner