Ray C. Roberts CPA, Managing Partner, Accounting & Consulting Group LLP
More than 95 percent of New Mexico businesses are defined as small by the U.S. Small Business Administration, and many were founded by entrepreneurs who intend to pass the assets they build to their children. Yet less than half take the steps necessary to ensure their heirs will inherit a viable enterprise.
Whether a business owner plans ahead for retirement or is forced to leave her company by illness or death, a succession plan is the single greatest tool for ensuring that her family and employees are protected. A succession plan can be the glue that keeps a business from breaking apart and destroying the assets an owner has worked hard to build.