WealthManagement.com: When successful business owners reach a certain age, it becomes imperative that they address the issue of succession planning. Many of them may have been dodging this particular conversation for years, yet they often come to their advisors with seemingly ironclad convictions about how they’d like the succession to play out.
Terry Shepherd – Managing Partner of ROCG’s Boston office recently wrote an article that was published by the Cape Business Journal. In his article titled “Boomer Business Owners Beware… A Shot Across the Bow” Terry describes the risk associated with not properly planning for your business exit, particularly if you are a baby boomer.
Both the marathon runner and a successful business owner look ahead and set a challenging stake in the ground of where they want to be sometime in the future. To be winners, both realize that they can’t just aimlessly move ahead and only rely on hope to reach their end goal.
When is the last time you reflected on why you started your business? Was it for a stream of income to provide for your family? Or was it also about building a business that created a value that you’d cash out on one day?