Succession Succession and retirement go hand in hand

Succession planning is often an emotional issue for entrepreneurs. Early succession and retirement planning can optimize one’s financial situation and increase security.

by UBS Insights 13 Jun 2018

There are few events in one’s working life as exciting as establishing and building up your own company. The emotions that go with this carry all the more weight when your life’s work is transferred to the next generation or even to a stranger. Often, this step is taken at the same time as retirement. The longer you are connected to the company, the more you feel irreplaceable. And any new purpose in life feels uncertain, too. For this reason, succession and retirement planning are often left to the last minute.

“The earlier, the better” is the golden rule for both retirement and succession planning. If you follow it, you can transition from working life to retirement gradually, and you will have enough time to find new perspectives for the next phase in your life. In addition, your business can be handed over without haste. Succession planning is a project that involves employees, customers and suppliers too. The clearer the communication, the more certainty everyone involved will have. The following checklists will support your planning.