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Succession planning

Dec 1, 2010 12:00 AM

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“My best advice can be summed up in two words: Start now! This is especially true in private businesses where more than just the stock is “closely held.” So, too, are many owner/principals' ideas and plans for the future. With all good intentions, an owner might build assumptions about transition options that may not be valid. Does the next generation want to assume ownership of the business? Is a third-party sale the way to go? Is an Employee Stock Ownership Plan (ESOP) an option? No matter what option you choose, starting your planning now will pay great dividends later on.”
Joseph P. Truncale, president & CEO, NAPL (