MyMoney Online, Make Money Mondays

Succession planning for business owners 101 (it’s an act of love)

(Also read "How to plan the handing over of the family-business to the next generation".)

Business owners, typically, don’t often (ever?) think about succession planning.

Nevertheless, it is critical for their families, staff and customers that they do.

The Money Show’s Bruce Whitfield interviewed Barry O'Mahony, Certified Financial Planner and Founder of Veritas Wealth Management, for the weekly “Make Money Mondays” feature.

O'Mahony discussed the issues business owners need to consider.

He also ran through a few scenarios and gave advice on how to deal with the issues arising from them.

Scroll down for quotes from the audio below.

You need to run your business as if you’re about to sell it.

Barry O'Mahony

Don’t put your name to your business if you want to sell it.

Barry O'Mahony

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This article first appeared on 702 : Succession planning for business owners 101 (it’s an act of love)


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