Don't Delay Succession Planning

/PRNewswire/ -- American small business owners are not prepared to face the inevitable. Fewer than 30 percent of family-owned businesses make it to the second generation, about 15 percent to the third generation and only 3 percent to the fourth and beyond, according to a 2009 study conducted by The Family Firm Institute, Inc. Unfortunately, most of these vital American economic engines have not planned for changes in leadership.

Although companies should consider planning for succession five to 10 years before a transition is expected to take place, many small business owners find themselves heavily focused on day-to-day business operations, especially in economically challenging times, and do not invest the time necessary to develop a comprehensive succession strategy.    

This is a great concern, as the U.S. relies on the more than 20 million small businesses that employ half of the American workforce, to support the economy and gross domestic product.

"It's never too early to begin succession planning, particularly when you consider that fewer than half of those expecting to retire in five years, and one-third of those expecting to retire in the next ten years, have actually named a successor," said , Senior Vice President, M&I, a part of BMO Financial Group. "In order for business owners to ensure their business continues to thrive, succession planning should be a priority that mitigates risks associated with economic uncertainty or a sudden shift in management."

Malone offers small business owners the following advice to get them started down the path of succession planning success:

Start early – Succession planning must begin at least 10 years in advance in order to realize the full potential value of the business and to ensure a smooth transition to new ownership.

Consider all your options – Whether a small business owner chooses to sell, transition to a family member or business partner, or dissolve the business, there are many complex issues that need to be evaluated before a decision is made.

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