Skipping Succession Planning: A Big Mistake

Research from the U.S. Bureau of the Census shows that approximately 90% of businesses across the nation are family controlled or family owned. Many of these businesses provide important services and products to people all over the country and could have a long and healthy future with the right planning.

More than half of gross national product and half of the jobs in the United States come from these companies, and yet when it comes to a succession planning process, too many companies don’t have anything in place. This causes significant barriers or even total business failure when a business owner needs to suddenly exit.

So many problems can occur when there’s no succession plan established in advance of an immediate exit. Siblings may be torn apart; spouses may get divorced and the future of the business hangs in the balance when succession planning is not completed.

There are very few business courses taught on what it means to do family succession planning, and the common pitfalls that impact so many companies that don’t take these necessary steps.

The sooner you can create a succession plan, the easier it is to start training the next generation of leaders in the business. You can also use this like a roadmap to ensure you carry out transition activities without disrupting the company’s operations or success should a sudden exit occur. Without a plan, the future of the company may be in jeopardy.

By working directly with the California business succession planning attorney, you can get a better handle on what’s involved in your planning process and gain greater clarity about your intended next steps. Communicating with a qualified and dedicated attorney today can help you significantly.

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