It can be difficult letting go. But successful business owners know that making appropriate plans to turn the company over to a successor at the right time is just prudent management.
“Some company owners only think about succession planning when they’re fed up and ready to sell,” says Chartered Accountant Paul G. Stringer, managing partner of Durward Jones Barkwell & Company LLP in Grimsby. “It takes preparation to manage a changeover properly. Start thinking about introducing a new owner at least three to five years before you intend to retire or sell.”
