Succession is a journey that should commence the day you start your business, but often only commences with a trigger, something that has initiated the decision to start the succession process.
Succession planning is often thought of only in the context of transferring a business within a family. However, succession takes many forms in today’s market. It can comprise outcomes as diverse as the outright sale of the business to third parties, merging the business with others, the sale of the business to the management team and employees, the closure of the business and sale of assets or, in some cases, doing nothing and facing the gradual decline of the business.
Broadway has prepared a simple guide for closely held and family businesses to assist in the development and completion of a succession plan.