PLANNING IS CRITICAL FOR BUSINESS SUCCESSION
18 May 2023
Entrepreneurs often begin their business endeavors with a great idea to resolve gaps observed in their local economy. Despite their successful efforts, many do not plan — or want — to contemplate how their businesses end, whether to retire or move on to other business ideas. As the baby boom generation reaches retirement age in record numbers, more small business owners seek to exit their ventures. Therefore, the need for succession planning is more important than ever.
“It is never too early to start thinking about exiting from a business, whether that is for retirement or other reasons,” said Zack Filipovich, consultant and finance manager at Northspan Group. “We tell all of our entrepreneurs to start a business with the end in mind.”