Many small and midsize business owners are successful because they pay attention to the details. The owner will structure the businesses affairs so that the business is ready for changes in the market, technology and other trends. Unfortunately, often these same business owners fail to adequately plan for one inevitable change: the day that they are no longer involved in the business.
Leaving a business can mean passing the reigns (and eventual ownership) to a sibling, child or even a loyal employee. It could also mean selling the buisness to another business owner. Regardless of what the exit strategy is, it is important to have an exit strategy (i.e. a business succession plan).
Attorney Mike Berzowski has recording a podcast discussing the importance of developing a business succession plan. A successful business succession plan will provide for the effective transfer of a business to future owners and an exit strategy for the current owners. This podcast includes a discussion of the key steps in developing such a plan and can be found by clicking here.