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By Michelle Tuccitto Sullo
Business owners spend years building up their company and brand, but eventually must prepare for a time when someone else will take over.
That day may come when you want to retire or switch careers. Perhaps you’ll decide to leave the business to your children or sell it. Either way, you’ll need to take steps to ensure the business you worked so hard on your legacy continues and thrives under new ownership.
However, nearly 60% of business owners lack a transition plan, according to the financial services firm Wilmington Trust.
Chris Snider, president and CEO of the Exit Planning Institute, compared exit planning to the three legs of a stool. ....

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