Choosing an heir to a business is a crucial decision. If you choose well and the hand-over can be smooth, but choose poorly and your entire retirement plan can be derailed. (Photo: Shutterstock)
When you're ready to retire from the firm you've spent your life building, you usually have a few options: You can sell to a larger organization, or you can try to find a successor to continue your firm's independence.
Replacing the owner or CEO of a firm can go very well with the right preparation, or it can go poorly with the wrong approach. Succession can look different for every firm, but there are some commonalities every owner should consider before they decide to take on an heir to the business they created and built.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
