Management Succession

No matter how good an individual is at a job, he/she will not always be there.  People retire, relocate, even change careers.  This also true of the owner-manager.  Someday you will turn your business over to someone else or wind it down yourself.  It is beneficial to consider what would happen if you did not manage your business.  Could a family member do it?  Is there a key employee who is capable or interested?  Could the business be sold to a third party?  Do you need the proceeds from selling the business to form your retirement capital? 

This issue is complex and time consuming.  An accountant would be able to assist the owner-manager is analyzing the available options and documenting a succession plan.   An accountant could also assist the owner-manager in selling the business. 

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