Many business owners today simply do not adequately plan their succession. Reasons for procrastination vary and include not wanting to leave or let go, not wishing to face their own mortality, and an apprehension about creating family disharmony with tough discussions and decisions. In effect, most justifications for not planning an exit are emotional, and a business owner must set aside emotion and plan strategically.
“The owner must have a clear vision of where they are going and how they are going to get there,” says Mike Hutson, CPA and founder of Edge Business Strategies in Indianapolis. Hutson routinely works with
