The owners of longtime Redford bakery closed up shop and transitioned into a fully e-commerce business, pulling in more than $1 million in yearly sales.
Small Business Spotlight: Succession plans key to peaceful transfer, long-term prosperity
Plans should be in place years in advance
Family-owned businesses must define roles
Yiled PR
Third-generation Ackroyd s Scottish Bakery owner Megan Ackroyd joined the family business full time in 2010 and took over as owner in 2016, after her grandfather died.
Tips for establishing a strong succession plan
Succession plans are particularly essential for family-owned businesses. Following is advice on what to do:
Plan, plan, plan: Long before the succession takes place, the founder of the business should write a business plan, an estate plan and a succession plan all at once. These plans must be constructed at the same time because they influence each other.