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Just as the success of any business is a function of the quality and quantity of preparation and training that go into starting it, the same applies to succession. Successful transitions are the product of thoughtful preparation towards the fulfillment of personal ambitions and financial goals.
Planning ahead is a critical step in laying out a path so that retirement turns out the way envisioned. A short term plan can span anywhere from one to five years. One should not wait for a ‘trigger’ event such as illness, divorce or death to force last minute decisions.
Although unique to every business, the most effective succession plans have these common elements:
This article was originally published in French on
To start building your succession plan, contact Nathan Bratt, CPA, CA, Business Advisor, Tax, at 514.861.9724 or [email protected], or your local MNP Business Advisor.
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