SunTrust Bank Home SunTrust Bank Home
h2

Infographic: Succession Planning Trends at Small Businesses

Share current LOB: SmallBusiness

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.

Need help getting started?

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.

Disclaimers

This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.