Succession planning should be a key component of a company's strategic business plan. It's the only way to guarantee the perpetuation of a company. Ed Reel, principal, Summit Acquisitions LLC, an Atlanta-based mergers and acquisitions firm, metaphorically describes succession planning as driving a car by looking through the windshield, not the rearview mirror. A succession plan begins with, or should be part of, the company's strategic business plan. The starting point should be what the owner wants for his future and the future of his family. Too often owners begin with the wrong question: How do I avoid taxes?
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