Nevada financial experts offer tips for successful succession planning

by Kaleb Roedel

Business owners plan and adapt to a lot of things for their day-to-day operations. That’s never been truer than this past year amid the coronavirus pandemic, when many business owners either pivoted their operations or altered their business model altogether.

What often gets lost in the hustle of attracting customers, boosting sales and making payroll is how to ensure one’s business can survive the loss of a founder or top leader — whether they depart, retire or die — and continue to grow and flourish.

Moreover, many business owners are making retirement plans, which, for some, were accelerated by the pandemic as their priorities shifted.

As a result, there may be a growing interest in succession planning. Yet, many business owners do not have one in place. According to the National Association of Corporate Directors, fewer than one in four private company boards say they have a formal succession plan in place.

Read the entire article in the NNBW: https://www.nnbw.com/news/2021/jun/03/nevada-financial-experts-offer-tips-successful-suc/