Are you intending to sell your business in the near future and are curious about the best way to protect your company and ensure that you have a proper exit plan? You need to think carefully about your CEO succession plan.
This is especially true if you are nearing retirement age and are looking to evaluate your options for selling your company or passing it onto your future generation. If selling your company is at the top of your list, it’s important to recognize that the median age of many S&P 500 CEOs is 58.
Many of these CEOs are starting to do research on a quick CEO succession process. Succession planning has for a long time been a blind spot for businesses of all sizes. Directors of companies and owners of companies who do not have adequate plans should act sooner rather than later.
Without a proper CEO succession plan in place, an important document, such as a buy/sell agreement, these gaps could create major instabilities in leadership that could block the company from being able to continue growing. Don’t wait to talk through your potential CEO succession plan and to establish the necessary documents to enable a smooth transition to the next party when it is time.
We help business owners in Pasadena and throughout California determine what their succession plan looks like and how to document it. We’re here to guide you through that process so you get the support that you need. Schedule a consultation with our Pasadena estate planning firm today to protect your legacy and your company.