{"id":61,"date":"2017-11-23T17:53:06","date_gmt":"2017-11-23T17:53:06","guid":{"rendered":"https:\/\/www.leskunaccounting.com\/blog\/?p=61"},"modified":"2024-08-20T22:59:22","modified_gmt":"2024-08-20T22:59:22","slug":"business-succession-planning-important","status":"publish","type":"post","link":"https:\/\/www.leskunaccounting.com\/blog\/business-succession-planning-important\/","title":{"rendered":"Why Business Succession Planning is Important"},"content":{"rendered":"

Succession planning<\/a> is a logical step for a business owner who wants their company to keep running, even when they can no longer head up operations. At Leskun & Son Accounting<\/a>, we understand why business succession planning is important<\/strong> and the necessary steps that you need to take in order to properly prepare for the future of your business.<\/p>\n

Learn how to better track profitability for your business.<\/a><\/p>\n

What is Succession Planning?<\/h2>\n

A succession plan<\/em> is the method by which a business owner transfers over ownership of the business to another party once they depart from the company (due to death, disability, or retirement). This process also determines the assignment of assets and wealth accumulated by the company.<\/p>\n

Find out how an accountant can help with selling your business.<\/a><\/p>\n

The Benefits of a Business Succession Plan<\/h2>\n

Like a good business plan<\/em>, a succession plan<\/em> is important because it gives the owner and their employees a guide for conducting business after the current owner leaves the company. By establishing and implementing a carefully designed succession plan, business owners, partners, and minority investors can derive a number of benefits, including:<\/p>\n