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Business Succession Planning: Start at the Beginning

Business Succession Planning: Start at the Beginning

January 04, 2024

As business owners, we constantly get caught up in the day to day running of our businesses, putting out fires, and taking care of employees and clients. In doing so, we often forget the ‘why’.

Why did we begin this path as a business owner, what were our goals? - and the many other reasons that started us down this path.

Now, as time has moved on and it is time to think about our next steps as business owners, specifically retirement and business succession, it is time to remember those reasons.

In our next two part series we are going to share with you how to prepare for retirement and succession planning as a business owner, but before we do, let’s start with going back to the beginning while we are thinking about the future. 


Below is a list of questions you need to ask yourself before you consider your retirement and succession planning.  You can download it here and use it as a reference as you continue to have conversations around these topics.

Why do you do what you do?

What motivates you to do what you do?

Do you love what you do?

What do you love to do personally and professionally?

What do you enjoy?

What makes you feel fulfilled?

What keeps you up at night?

What are your core values?

When do you want to retire?

How confident are you that you’ll be able to retire then?

How do you want to spend your time in retirement?

What do you want to see happen to your business when you retire?

If we were sitting down three years from now, what would have to happen between now and then to make you feel happy with your progress?

On a scale of 1 to 5 (1 being Strongly Disagree and 5 being Strongly Agree) please respond to the following:

When building employee benefit/compensation plans, as owners bearing the responsibility and stress for the business, we'd like to carve out additional benefits specifically for ourselves and our families.


You can also download a copy of this questionnaire to fill out on your computer or print and fill out here.

Note: This information provided is for educational purposes only and should not be considered as financial or legal advice. Seeking guidance from qualified professionals is recommended for personalized and tailored succession planning strategies.

Aha Financial offers fee-based planning, wealth advisory services, and securities through Park Avenue Securities LLC (PAS) and insurance through The Bulfinch Group Insurance Agency, LLC. Fee-based plans may include tax and wealth planning suggestions, but we do not give tax or legal advice. You should consult your tax or legal advisor regarding your individual situation.  Investment Advisor and Registered Representative of PAS and insurance broker of The Guardian Life Insurance Company of America (Guardian), supervised from: 160 Gould Street, Suite 310, Needham, MA 02494, 781-449-4402. PAS is a member of FINRA & SIPC and a wholly-owned subsidiary of Guardian. Aha Financial and The Bulfinch Group are affiliated, but neither firm is an affiliate or subsidiary of PAS or Guardian. 2023-164117 Exp 11/25