Every business large and small, from large multinationals to small mom and pop operations really need a succession plan, and from the figures that I have seen very few smaller businesses have taken the time to put one together. As far as I know there are no figures revealing the percentage of independent retailers in our business that have a formal plan for succession, but if there were I can’t imagine it would be all that high, which is why we decided to broach the topic on TalkFloor.
We called in Larry Winter of Winter & Scoggins CPAs to share his knowledge on the subject with us. Larry is a man who has served as our small and mid-sized business expert for some 20 years and you can listen to his thoughts in the TalkFloor.com archives. I encourage you to do that, whether you’ve taken the time to think through a succession plan or if you are the most of us and just keep putting it off.