Succession Planning Not A Luxury For A Legacy

The Cleveland Plain-Dealer has just one of many war stories on the absence of a business succession plan.  The first business owner featured in the article didn't even have a will.   The story doesn't make it clear why the daughters had to fight off their uncles for control of the business, but the fact that the uncles felt they had a say in the matter indicates they may have been minority owners.  All the more reason to have a business succession plan.

His inaction forced his daughters to postpone or give up their own dreams in order to keep his business from crashing.  I wonder if that is the real legacy he wanted to leave? 

Another common thread in both businesses featured in this article is the sudden and unexpected nature of the death.  One business owner was shot, the other died of a brain aneurysm.  I know it can be an easy thing to put off planning for a future you can't easily envision (and don't plan to be there to see), but consider why you are building your business in the first place.  Is it to provide for your family?  Is it to leave an impact on the community?  Then consider whether that legacy will come crashing down if you become disabled or die.  Will all your hard work be undone?

 
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