Succession Planning

By: Miriam Lieber, President, Lieber Consulting, LLC One of the key observations I note at each of the businesses I visit is that you are only as good as the people who work for you. Moreover, you are only as good as the next leader you develop. In fact, you should be looking for your replacement. As owner or executive leader of your company, you should be thinking of your succession plan. Easier said than done, we will explore the topic in this article. No single factor has a greater impact

Business succession planning is a series of logistical and financial decisions about who should take over your business upon your decision to retire or in case of death or disability. The first step is to identify the ideal successor to take over and then determine the best selling arrangement. A well-crafted succession plan aims to benefit everybody—the departing owner, their family, the business and the successor. The four most common types of small succession plans are passing onto