Many successful businesses are owned by Baby Boomers who would like to start stepping away and enjoying fruits of their years of labor. This requires special thought and planning and the time to begin is now. The planning will involve strategy, process, and people. There are number of steps that should be taken to prepare. These include legal, financial, and selection of the right person to shadow you and take over the business. In the first two areas you should work with an attorney and financial planner who understands tax laws. Remember too if this is a family business, and you have other children who will not follow the business how will their inheritance be handled. Now whether you seek succession of your business to your children or whether you seek to exit through sale you need to develop a strategic business plan. Your plan will need organizational vision, values, and...
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