Many self-employed individuals work hard to develop and grow a business. They also expect their children to take over and continue the growth trajectory. Children often wish to do their own things and it is difficult to understand if they will take over. This is where succession planning is critical.
Years of doing business keeps changing. After making commercial assets, who will carry the same forward? It is best to have a frank discussion. The succession plan is not just for retirement and inducting family members in the running business. In case you pass away suddenly it will become necessary to protect the assets. This is a part of succession planning. There could be a case of having a serious/life threatening illness or incapacitation/disability that requires the business to be handled over to someone trustworthy. Often if you are in a partnership with someone things make change and assets need to be divided.
As financial advisors, we are just around the corner. We will offer the standard policies and processes that guide you to do business in peace. A good plan takes almost a year or even more than that to be in place. Often it fails and you may need to re-structure everything again.
You need to identify the future leaders and skilled talent who will take your company forward. Your business development depends on human resources who you trust. If planning is not done, it may run off the cliff. Many big companies, family-owned groups break up bitterly due to poor planning.
Protection in times of historic volatility and continued uncertainty
