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A study by Wilmington Trust of 200 privately held businesses found that 58% of small business owners have no succession plan. Most of those with no plan (78%) blamed their lack of planning at least partially on enjoying “managing their company too much to start thinking about a future transition” while 42% said they were too busy to plan, and 44% felt that succession was “too far in the future” to need to establish a plan now. In reality, owners don’t need to walk away from their business in order to begin planning their succession, and oftentimes the earlier the planning begins the more options that are available and the better the outcome. Whether you are planning to transition your business decades in the future or in the near future, reach out today to discuss your plan for the future.
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