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Why is it important to have a business succession plan?

On Behalf of | Apr 3, 2020 | Estate Planning & Probate

Pennsylvania business owners starting out on their venture likely have a few questions. You may wonder when you should start worrying about a business succession plan.

The surprising answer is: you should consider your succession plan right away. This is true no matter how young you are or when you established your business.

Events a succession plan comes in handy

Why should you establish a succession plan so early? The question baffles some people. This is because we associate succession plans with the intent to retire. But a succession plan may come in handy sooner than you think.

After all, we cannot predict life circumstances. We do not know what curveballs life will throw our way. For example, you may get into an accident. You may find it difficult to continue work. You may wish to leave your business in better and more active hands to ensure it survives and thrives. Or maybe a loved one falls ill. Without warning, you no longer have the free time to dedicate to your business. Its growth suffers. You wish to turn it over to someone else.

Why you may leave your business behind

You may also have surprising turn of events in your life that lead you down different paths. You may want to move somewhere else. You may wish to pursue other passions. If you want to pass your business on, you need a succession plan in place.

Do you want to learn more about business succession planning? If so, visit our linked webpage here. You can read all about the intricacies of planning for your succession. This includes legal ins and outs, important information and more.