What triggers a small business owner to surrender control of their company, either by transferring leadership or ownership or both? Overwhelmingly, the circumstances surrounding succession in a business are predicated by one of two external factors.
Congratulations! You weathered the economic storm of 2009 and kept your corporate ship afloat. As the saying goes, a high tide floats all boats – it’s when the water levels go down the skipper is really tested. Last year was the lowest tide in decades. Year end typically saw businesses holding on to the company’s remaining cash, running break-even budgets, feeling hesitant over how much they had already lost and fearful of losing more.