You own a business. One day — whether it be in one year, 10 years, when you pass away, or at some other time — someone else will run this business. If you’d like to decide in advance who that "someone else” will be, you need a succession plan.
If you don’t have a plan, you’re not alone. Many business owners don’t adequately plan their succession, if at all. There are many reasons for this complacency — from their reluctance to "let go”, to fear of creating family disharmony.
Before you think about selling your business, you should ask the following questions: