Succession planning is one of the toughest challenges you’ll ever face as a small business owner. It requires not only a realistic view of your financial needs, but also an honest assessment of the capabilities of possible successors—often your own children.
Consider the following questions when thinking about your future, as well as that of your business:
1. Are you ready to let go?
2. Are your children ready?
Approach the decision as a business owner first and as a parent second. Since you may have an inherent bias toward your children, seek input from non-family management and other advisers.
3. Who can run the company today if the need arises?
4. What level of financial security do you need?
5. What will the business look like in the future?
Curated from “Time to let others run your business? Do this [USA Today]”