Today’s the day you’ve been dreaming of: opening your own business or buying an existing one. That’s also the day to start planning your business succession.
“Most small-business owners don’t; they just don’t think about it,” says Earl Gregorich, area manager and senior business consultant with the Greenville Area Small Business Development Center. “Starting with that end goal in mind is really important.”
“Uncle Sam has a succession plan for you if you don’t have one. You get into estate probate, taxes and all that good stuff. They eat away everything you’ve built and there won’t be a whole lot left.” – Earl Gregorich
That is, all good things come to an end, but what does that end look like?
“My point is,” Gregorich says, “you have to have some idea of what succession, what exit looks like, right from the start.”
Those exits can include leaving your company to your children,…