The Importance of Succession Planning for Business Owners and Practical Suggestions on Getting the Process Started
Presented to the World Presidents’ Organization
Summarizing the key points on business succession planning:
- Experience gained from working with small and medium-sized business owners indicates that many in the business community are woefully unprepared to pass on the ownership of their businesses
- If the desire of every business owner is to pass on a legacy to one’s family and one’s community, the cost of failing to adequately prepare for passing ownership of a business is enormous in terms of wasted money and resources
- There are several practical steps that one can take – and should take – to protect the years of hard work that built the business and created the value that can be successfully transferred through proper succession planning, and this presentation explains those practical steps
The World Presidents’ Organization (www.wpo.org) is a global organization of more than 3,000 current and former CEOs who are dedicated to promoting corporate responsibility as well as a high level of personal service activities in order to bring about significant returns to the communities in which they live and work.