In this Expert Insight Interview, Steven Goodman discusses business succession and succession planning. Steven Goodman is the President and CEO of SHG Planning and an estate planning and business-succession specialist.
This Expert Insight Interview discusses:
- The reasons why people avoid succession planning
- The emotional and personal implications related to business succession
- How to get around these difficulties and deal with the problem anyway
Focusing on the Present
Many people know what succession planning is, and most would agree that it is a good thing, but unfortunately, not enough people actually do it. There are a couple of big reasons for this.
Firstly, people who own businesses are constantly putting out fires, and they focus on what’s important today. Every day they wake up with ten things they have to deal with, and for them, it is tough to pull away from that and focus on the future.
The second big reason has to do with the fact that succession can be a very difficult emotional decision in family businesses. …