By Dan King
The reality is, most business owners don’t know how they want to leave their businesses. For many business owners, planning succession is about as desirable as writing a will.
Interestingly, only 25% of owners want to sell to a third party. However, that number increases dramatically once owners discover there is no family succession. This implies that the majority of owners (undecideds notwithstanding) do not have obtaining the highest price as their primary goal.
Business succession requires serious thought and planning. As an owner, are you thinking about succession?