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Business Succession Planning Key to a Successful Retirement
You don’t even have to have a formal plan, although doing one is better than not doing one. What you do need to do is make sure you know what you need if you ever want to be able to leave your business.
Too often I see people like you tell me retirement is five years away. If it’s always five years away, you have a problem. That problem is you know there are things you need to do, you just don’t know what they are.
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Read this article from Mass Mutual to see what you’re missing
If you’re a business owner and you are thinking about retirement, then you need to start thinking about succession planning. It’s critical to the best interests of your family and your finances. It’s also critical to the success of your successor.
However, thinking about business succession and acting on it all too often don’t go together. A 2015 MassMutual study indicates that more than 50 percent of business owners do not have a succession plan in place. Equally troubling is the fact that about one in five successors, those that the owner has targeted to take over his or her company, do not know that they are in the succession plan. (Video: Business Succession Planning)