Succession Planning You Can Count On

For franchise restaurant owners who devote their time, resources and effort contributing to the success of their business, the thought of passing the torch to the next owner can be challenging.In fact, 69 percent of business owners who plan to retire within the next three years lack a formal succession plan, according to a survey from Bank of America Private Bank. However, it’s imperative to prepare for this next stage in life and business because ineffective succession planning can increase business risk, disappoint stakeholders and tarnish otherwise successful legacies.

Creating a successful succession plan is about protecting the future of a restaurant franchise and ensuring there are strategies in place for the business to continue to thrive, even after the owner exits. There are steps restaurant franchisees can take to create a detailed transition plan, whether you’re planning to leave your business to a family member, sell the franchise or liquidate. These are the key…