Planning for the succession of your business can be very complicated as well as emotional. Advance preparation is the key. Although succession plans will be different for different businesses, here are some common steps that you should take:

1. Explore your options:

Keep the business in the family

Select and prepare a successor

Plan a management buy-out

Sell the business

2. Determine the value of the business

3. Finance the succession plan

4. Understand the tax and legal issues

5. Manage your wealth to secure your future.