Over the years that I have advised and coached business owners, and there are two companies that highlight the importance of succession planning. The contrasts were stark and breathtaking: one had a plan and the other talked of having a plan.
Back in 2012, when I was a Vistage Chair, two of the business owners in our advisory group were nearing 60 years old and they started to plan for retirement which included the sale of their businesses. The Vistage group had advised both of them that a succession plan would ensure that they get the most value for their companies.
