Covering personal-money needs: that’s an iterative process. Do not expect perfection and do not waste time on details. In reality, none of us can forecast the future. The best we can do is make some estimates, make some predictions, and use them as guides. Recognizing this, covering personal-money needs is an iterative process. As with any planning process, the end results improve with review & adjustment…practice takes the plan closer to perfection.

So, the best time to begin the succession planning process is – Now.

Succession Planning: the recommended approach –

1.    Make a ball-park estimate of when you will exit the working world.

2.    Make a ball-park estimate of how much money you will need when you exit the working world.

3.    Figure out how your current small-business fits into your career plan:

·         you may intend to keep your business until you retire?

·         you may want to exit your business soon?

·         you may see your current business as a stepping stone?

4.    Figure out when you plan to exit your current business.

5.    Figure out how much personal money you want to extract from your business between now and then.

6.    Figure out how much personal money you want to extract from your business after you exit it.

7.    Figure out when that money will be delivered from your business bank to your personal bank.