So, you’ve built and ran a successful family business, but now it’s time to pass it along to the kids or another family member to let them take a crack at it. The question is: how did you get here, and what do you do now? As daunting as planning the eventual sale or transfer of your business may seem, especially when considering that 8 out of 10 businesses never sell, succession planning is something that you can start on day one. With the right planning, you can ensure you’ve got all your ducks in a row to maximize the liquidity in your business and the profit you’ll earn when the day comes to sell. 

In this episode of Financial Cents, special guest Sharon Lechter, CEO of Pay Your Family First and author of Exit Rich, joins Brent Cannon, executive vice president and director of community banking, to discuss how succession planning can help you turn your business into an economic engine that will last for generations.