Transition Your Business

Infographic: Succession Planning Trends at Small Businesses

Small business owners pour their hearts and souls into their businesses, so formulating an exit plan can be a very emotional decision—but it should also be a strategic one. Yet currently, fewer than 30 percent of small-business owners have a written succession plan, due to time constraints or a simple lack of someone waiting to take the reins. With more than half of today’s small business owners above the age of 50 and the number of small businesses for sale at a recent high, it’s more important than ever to develop (and follow) a thoughtful succession plan.

Infographic: Succession Planning Trends at Small Businesses
 

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Visit SunTrust’s Small Business Best Practices Guide for a straightforward checklist of best practices in six important areas of financial management, including planning for business transition.

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