Succession Planning’s focus is on a family or related party transfer of a business interest. Specifically, the leadership of the company changes, usually to another family member. Leaving the family business to the next generation is a popular and powerful tool to ensure your legacy lives on and your children can maintain, or preferably, enhance the value of the business. Management buyouts are also considered a part of succession planning.

Business owners considering succession planning can also benefit from the counsel of a Certified Exit Planning Provider.