Formulating a Succession Plan
Tuesday, May 8, 2012 at 11:25AM
By Jay Goltz on the New York Times Blogs: Last week, I wrote about holding a succession-planning meeting with my family.
While I am not planning to retire any time soon, I recognize that bad things do happen — unexpected bad things like sickness, disability, and of course the ultimate bad thing, death.
These things are never fun for anyone, but when you own a business there can be a lot of issues to deal with. Who takes over the business? Should it be sold? Can it be sold? Are there any provisions for employees? Does anyone know your wishes? Do your wishes matter? Who has all of the passwords, combinations, security codes, bank account numbers, insurance policies, etc.?


