Succession planning: Dos and Don’ts
Every entrepreneur should have a succession plan, regardless of the stage of the business. Even early-stage founders should be prepared for an unplanned exit. Here are some dos and don’ts of succession planning in this phase.
Do:
- Seek a professional for life insurance, estate planning and trusts
- Create an early stage exit plan
- Talk to an attorney to make sure your business operations are protected
Don’t:
- Leave succession an unplanned question
- Rely on life insurance and estate planning to take care of loved ones and protect the operation of your business
- Put off planning because retirement is years in the future
Being prepared is always better than leaving something unprotected, especially if it’s an asset you’re relying on to provide for you and your family. Your advisor can help you put those safeguards in place.
