Once you have identified your personal and business goals, make a list summarizing your financial objectives, future ownership/structure of the business, chosen successor and key managers, your future involvement, and any special considerations. This list will be invaluable to the experts you will need to consult to implement a succession plan.
Our column in the January 2013 issue will look at different legal and financial strategies to transfer the business to a successor.
David C. Whitlock has over 25 years experience in business immigration, compliance, employment counseling and training. He is an attorney with Miller Martin, PLLC and can be reached at (404) 962-6102 or at firstname.lastname@example.org.