Anne Jagger

By: Anne Jagger | October 05, 2016

For privately held companies, succession planning is central to the longevity of your business. Whether you plan to sell your company (or otherwise transfer ownership) now or in 20 years, having a plan in place helps you in many ways: Among other things, it can inform lenders who seek assurance of business continuity, provide incentives to key members of management, and structure a future transaction so that the business can fund your retirement without sapping its cash flow.

Yet despite these benefits, many business owners put off planning for succession. After all, there are pressing day-to-day business challenges they feel they need to address. This is understandable, but the absence of a succession plan can put your business at risk.

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