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Succession Planning Process
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The process of planning and enacting a successful transition consists of several steps, including:
Identify and Review Priorities
The first step in the process starts with identifying your priorities. Business owners should ask themselves, "What do I want for my future, my family, and my business?"
Identify a Buyer or Successor
Who will run the business when you are no longer doing so?
Develop a Succession Plan
Since a variety of expertise is needed, it is important that you work with an appropriate team of experts to help you develop your business succession plan.
Integrate with Personal Financial Planning
Ensure that your personal retirement and estate goals are integrated with your overall financial plan.
Monitor Plan Implementation
It is important to monitor and review your plan during the implementation period to ensure that you are on track in terms of timing and deliverables.
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