Neil Lerner, director of the Small Business Development Center at UW-Madison’s School of Business, said even if small-business owners aren’t planning to retire soon, outlining a succession plan is a smart thing to do.
Whether the owner is planning to sell just the real estate, or sell the business to a family member or someone outside the family, it’s important to make the necessary preparation, Lerner said. “It’s still good practice to think ahead and plan for that.”