According to the U.S. Small Business Administration more than half of all small-business owners are age 50 or, older. Planning for your ultimate departure from your business, the succession plan for your business is not something you do a few months before you decide to retire or leave that business. The earlier you begin the better, no matter what your age.
A survey by the Financial Planning Association found that while 78 percent of small-business owners intend to sell their businesses to fund their retirements, fewer than 30 percent have a written succession plan. That’s not a recipe for success.