Translation: “I am bullet proof and have no intention of dying prematurely”, “I am not interested in enhancing business productivity, profitability and teamwork”, “The business is all about me” and “I am not interested in protecting the value of my business and the welfare of my family”. Do you realize that when you state you are too young to begin succession planning this is what you are actually saying? Think about it!
My experience has been that the vast majority of privately held businesses have more than 80% of their net worth tied up in closely held stock and real estate. Your financial well being and that of your family and employees is dependent upon you whether you like it or not! Stating that you are too young to begin succession planning is like saying you are too old to go on vacation.
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