When it comes to long-term planning scenarios for entrepreneurs, the eventual goal is to be able to draw an income without working. That could happen in your 60s, as is typical, or it could happen earlier if you’re a millennial who embraces the popular F.I.R.E. (Financial Independence Retire Early) movement, which prioritizes limiting expenses and maximizing saving and investing. Whether you’re doing that or embracing traditional approaches to retirement planning, the bottom line is you’re thinking about retirement. But something you might not be thinking about and should be? Death and succession planning. Here are four lessons on succession planning for entrepreneurs.
