“If you don’t show people within your organization that there is a long-term plan for the future that is secure and comfortable, people will get nervous about the long-term viability of [your] business.”
In New Jersey Business Magazine’s article, “Succession Planning 101,” CEO William Barrett emphasizes the importance of open communication and early planning to avoid unnecessary conflict and ensure a smooth transition. He shares that many family business challenges can be prevented by having transparent conversations about ideal outcomes.
With over half of U.S. business owners now over age 55, the need for proactive succession strategies has never been greater.
The key? Start early, involve the right professionals, and keep the lines of communication open.
Read the full article on pages 24–27: https://bit.ly/3FMxj7g