What makes you think it is a good idea to pass on your business?
- You have every reason to believe in the continuation of your company:
- Continuation is foreseeable: the company is in good financial health.
- Continuation is desirable: the company provides jobs to men and women in your area.
- Continuation is close to your heart: the company is associated with your family’s reputation and you want to perpetuate the fruit of your labour.
- You would like the company to move to the next level, and you know that a younger team will be able to take the company even further and bear the associated risks.
- In passing on your company, you will be compensated for all your efforts, thereby increasing your retirement funds and providing security to your family.
All of these are good reasons to kick off the process. You should move forward keeping in mind your interests, the capacities of the successor, and the needs of the company.