Spotlight: Succession planning for business owners: It is never too early to be prepared

Whether you are a new business owner or have already built a thriving organization, succession planning is important for your financial health. According to Liisa Woolley, SVP, Member Experience for Northern Credit Union, a good plan is essential.

“It's important to note that succession planning is an ongoing process that should be revisited and adjusted as you and/or your business evolves. Work with legal and financial advisors to create a comprehensive succession plan that addresses their specific goals and circumstances,” says Liisa.Business owners should start thinking about succession planning and related exit strategies well in advance of their intended exit or retirement date.

“Succession planning is a complex process. Every business and family situation is unique, so your succession plan should be tailored to your specific circumstances and objectives,” explains Liisa. Regularly Review and Update: Succession plans should be dynamic that evolve with changes in your business and personal life.Fortunately, assistance is available. It is recommended that you get advice from a professional who knows your situation and your business well.

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