by Randy Duncan
Q: I am a business owner who plans to retire/sell my business in 5-10 years. Is there anything I should be doing now?
A: It’s never too early to work with your attorney on succession planning and documenting your company’s operations. You can actually add value to your company by having succession plans and clear records of how the organization functions. These documents can include board of director meeting minutes, policy and procedure manuals, and governance guidelines. It is always challenging to make time to draft and maintain these documents. However, chipping away at it now means you’ll have something to share with a purchaser, investor, or successor later. When done properly, these legal documents can preserve or enhance the ultimate value of your business at the time of disposition.
Originally published in the Portland Business Journal.