You and your family (partner, spouse) work hard to accumulate assets over a lifetime. The hope is that, when the time comes for you to leverage those assets, they’ll be there for you to benefit from.
When entrepreneurs start a business, the last thing on their minds is succession planning. Most business owners spend a lot of time – as they should – on Operations Plans, Marketing Plans, Capital-spending Plans, Maintenance Planning, Staffing Plans…and more. But what about Succession Planning?
Long before retirement even hits our radars, we’re planning what type of education, skills training and professional designations we’ll acquire. We also spend a lot of time planning which industries are the best place to work in, and which employers to work for.
For some people, financial planning is mainly concerned with how best to go about building a nest egg, and how to make it last through retirement.
It’s said that only two things are certain in life: Death…and Taxes! And while there’s not much you can do to avoid the former, with prudent planning and foresight, there’s a lot you can do to minimize the later.