(c) 2006 Newsday. Reprinted by Permission
BUSINESS AND TECHNOLOGY
Monday, November 20, 2006
SMALL BUSINESS - JAMIE HERZLICH
You’ve paid your dues and poured everything into your business.
You’ve scrimped and saved over the years and sacrificed all but your sanity to grow your company to where it is today.
But what happens tomorrow?
At some point you may want to retire. Or unforeseen events may force you to retire.
Without a successor, your business can be in jeopardy.
“Planning is prudent” says David J. DePinto, a partner at the law firm of DePinto Nornes & Associates, LLP in Melville who specializes in trusts and estates and succession planning. “Those who plan reap the benefits and those who don’t plan and wait until they die usually have a mess on their hands.” Still, experts say about two-thirds of small businesses don’t have a succession plan in place.