When should I start planning for my business succession?

If you’re starting to think about transitioning your business, it’s a really great idea to come up with a written business succession plan. The plan should outline the actions that need to be taken and the timeline for taking those actions. That timeline can be anywhere from a several months to several years, depending on your situation, who you’re transferring the business to, and what needs to be done before that transfer actually takes place. We recommend talking with your advisors about your succession intentions sooner rather than later.