For many business owners, the toughest issue to resolve in a business is how to keep it profitable. However, the biggest question is commonly an unresolved one: how to pass the business on when the owner retires or is unable to run it. Because of the difficulty in answering the question, many business owners may avoid it. And let’s face it, many are simply too busy.
Nevertheless, there are certain steps that business owners can take to position themselves for smooth transitions into retirement, and to protect the business should something happen to them. We will highlight them through this post.