Succession Planning for Small Business Owners
Building a successful business takes years of time, energy, and investment, but what happens when you eventually want to step back, transition ownership, or prepare for an unexpected change? Succession planning for small business is the answer.
Succession Planning for Small Business
Succession, Sale, or Step Back: What Business Owners Should Know About Future Planning
Building a successful business takes years of time, energy, and investment, but what happens when you eventually want to step back, transition ownership, or prepare for an unexpected change? Succession planning is not just about retirement. It is about creating options, protecting the value you have built, and making sure your business is prepared for whatever comes next.
In this one-hour session, we explore the fundamentals of business exit and succession planning, including common transition options, what makes a business more valuable and transferable, and mistakes owners often make when they wait too long to plan. You will also learn practical steps you can take now to strengthen your business, reduce dependence on you as the owner, and prepare for a future transition, even if you have no plans to leave anytime soon.
Meet the Experts
Leo is a Senior Financial Advisor and Managing Director of Investments at Wells Fargo Advisors, where he has spent more than 17 years. He brings over 28 years of experience in the financial services industry and holds advanced designations in investment planning and business planning.
Leo works with individuals, families, business owners, and executives to help them navigate important financial decisions, with an approach centered around listening, building trust, and planning for both the expected and unexpected.
We were so excited to collaborate with WellsFargo to bring this topic to life for the small business community.
Succession Planning FAQs
- Many business owners are focused on running and growing their companies. Why is it important to start thinking about succession planning before they’re ready to retire?
- When people hear the term “succession planning,” what does it actually mean?
- What are some of the most common paths business owners take when transitioning out of their business?
- How does a business owner know when it’s time to start seriously planning for a transition?
- Whether someone is planning to sell or not, what tends to make a business more valuable?
- What are some of the biggest mistakes you see business owners make when it comes to succession planning?
- For someone who isn’t planning to leave their business anytime soon, what are a few things they can do now to prepare for the future?
- What should business owners be thinking about beyond the financial aspects of a transition?
- What’s the first step for someone who doesn’t currently have a succession plan?
- How early should business owners begin planning?
- Is succession planning only for people nearing retirement?
- What surprises business owners most during the transition process?
- If you could give business owners one piece of advice today, what would it be?
The purpose of succession planning is not simply preparing to leave a business. It’s about creating options, protecting value, and ensuring that owners, their families, employees, and businesses are prepared for whatever comes next.
