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When Kathy and I finished our last estate plan, we had a son with autism whom we believed may never be able to work, an immature teenage daughter and no grandchildren. Now we have grandchildren, our son has a job, and our daughters are married and more mature.
It’s time for us to update our will based on our changing circumstances. Business is similar. Change is constant.
Succession planning for a business is hard work. Unfortunately, even when you complete a plan, changes begin to occur, requiring periodic updates.
Proverbs 21:5 teaches, “The plans of the diligent lead to profit as surely as haste leads to poverty.”
Once you complete a succession plan, you will need to review that plan every couple of years to assure nothing significant has changed.
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