Top 3 Succession Planning Myths – #2
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Myth #2: "I Have Lots of Time."
Time may or may not be on your side. If you invest time for creating a functional succession plan during your active business years, you may avoid the chaos that can ensue by postponing until it's a critical necessity - or when the choice is no longer yours. Your reluctance to face a timetable may be understandable, but can have disastrous consequences. The moral of the story? Start early. Make it a part of your active operations strategy to select and groom your successor(s), and work with a financial professional to develop and document your plan.