Every closely held business will someday experience a change of ownership and change of leadership. It is ultimately the business owner’s responsibility to prepare for both of these certainties. These transitions can happen based on a scheduled time or unexpected events can force these changes to the present. It is prudent to be prepared for all. This is “The Owner’s Box.” The work done in anticipation of the planned and the unexpected increases the likelihood of business survival, success today and success into future generations.
It bears repeating; every closely held business will someday experience a change of ownership and a change of leadership. Nothing can be done to change this fact so it is best to be prepared well ahead of time. What is your strategy for each of these squares? What is your plan? Do you have the right STRATEGY? Do you have the right FINANCIAL PLAN? Do you have all of the necessary LEGAL DOCUMENTS in place?