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This can be a substantial fear which, depending on the amount of thought you have put into your succession plan, can be completely rational or irrational and even paralyze you completely as you approach the process. There is always a risk of your exit plans not working out the way you intended. So how do you successfully design your future your way? Let's start by reviewing the typical reasons why many succession plans are not successful:
In short, here are many ways that the risk can be mitigated and in most cases, be completely eradicated. Business—like life—is risky enough without taking unnecessary chances. You need to be prepared and that means developing a proper succession plan now, so it’ll be there when you need it most. Plan carefully, plan fully, and plan long-term now.
For more information as to how you can successfully transition out of your business, contact Eben Louw, CPA, CA at 604.853.9471 or [email protected].
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