Successful business owners in Massachusetts and elsewhere are proud of what they have created, and enjoy spending their time continuing to grow their companies. It is a stressful and time-consuming task, however, which may leave some business owners little time to think about some things that they probably should — such as succession planning. No one wants to think about having to walk away from their company, but life happens, and it becomes necessary at some point. Without a business succession plan, all of one’s hard work may be for not.
According to a recently published article, 72% of business owners do not have succession plans in place. Some believe they have time to spare and will get to it later in life, while others simply overlook it because they are so focused on the here and now. No matter one’s reason for putting off succession planning, doing so can cripple one’s company.
The same article shared a story about the unexpected death of a company co-founder and chief scientific officer. Because a succession plan was in place from day one, the day this individual died, his whole team was able to work together to revise plans, take on new responsibilities and keep the company going. They all knew what they were supposed to do. That is how it should be.
It is impossible to know what the future will bring. That does not mean that one cannot prepare for as much as possible. With business succession planning, business owners in Massachusetts can ensure their companies are left in good hands. An experienced attorney can help one create a succession plan that fits one’s needs.