For those of you who own a business, have you given any thought to how that business will be transferred to others in the future? How will you ’pass the baton’ to those who will carry it on after you retire?
If you have a family business, you may have some children who work in the business while others do not. Will it be divided equally between all of your children or just between those who work in the business? If only those who work in the business will receive it, will you provide in other ways for those who do not work in the business? If yours is not a family business, do you have some business partners or key employees who will succeed you in the future?
In legal terminology the process of determining how a business will be transferred is called Business Succession Planning. Whatever situation you are in, here is a good article that gives you some things to consider. (you might have to click “skip this add” to get to the article – sorry for the inconvenience.)