Running any business is all about planning. Living in the moment is fine, but you need to consider both the past and possible future events. Succession planning is certainly a future event that every business or individual must consider or risk complete financial disaster.
What is succession planning?
Well, it is simply a plan put in place that recognizes the business should outlast the key people running it. The classic example used by financial planners is the business that is family owned. The parents often want to pass it down to a child or children. Doing so makes sense logically, but there are a host of tax issues involved.
Planning for them is critical. Here at Complete Financial we will advise you of the best steps to take, while people don’t like talking about this issue it is very important to sort out.