Each aspect of a business owner’s personal, business, and financial planning goals should be examined and integrated in order to support the owner’s motives and goals. 

Exiting and succession are not events but complex processes that take time. The exit plan will get the process started, while the succession plan will bring everything together to allow an owner to gracefully exit the business and protect his or her wealth.

This article will address the common confusion found in differentiating a business exit from a business succession. Both are needed to successfully exit a business, unlock trapped wealth, protect one’s legacy, and successfully move the company into the next generation or to an external buyer.