Are You Prepared?
You're prepared when you have...
- Have spent some time and money getting educated on the process of how to transition your business. You have discussed transitioning with your loved ones.
- Your personal, financial and business goals are aligned meaning they are defined, co-dependent, and linked.
- You have established a transition advisory team.
- You have created and reviewed with key advisors and family members a contingency plan which should include buy-sell instructions, appropriate insurance, and specifies what should happen if you could no longer operate the business.