An effective business succession plan should be considered years in advance of the planned departure of the owner. Otherwise, you may be jeopardizing the continuity of your business while leaving less value for your beneficiaries to inherit.
No matter how certain your future appears, succession planning is an essential part of doing business. It may be easy to put off planning when everything seems to be going well. However, the opportune time to begin formulating and executing an effective succession plan is when things are going well. As a business owner, you are going to have to decide when will be the right time to step out of the family business and how you will go about doing it.