SUCCEEDING AT BUSINESS SUCCESSION
LSC | LongSchaefer CPA/PFS
Cultivate Smart Money | Live On Your Terms - Accounting, Tax Strategy, Financial Planning & Consulting
Family businesses account for 54% of private sector Gross Domestic Product (GDP), yet 43% of family businesses have no formal succession plan. While those numbers may shock you, it is not surprising that many small business owners are consumed by the myriad responsibilities of running their businesses.
Nevertheless, owners ignore succession preparations at their peril and possibly at the peril of their heirs.
There are a number of reasons for business owners to consider a business succession structure sooner rather than later.
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