{ "version": "https://jsonfeed.org/version/1", "user_comment": "This feed allows you to read the posts from this site in any feed reader that supports the JSON Feed format. To add this feed to your reader, copy the following URL -- https://starthealthy.com/tag/hiring/feed/json/ -- and add it your reader.", "home_page_url": "https://starthealthy.com/tag/hiring/", "feed_url": "https://starthealthy.com/tag/hiring/feed/json/", "title": "Start Healthy", "description": "Start Healthy Magazine", "items": [ { "id": "https://starthealthy.com/life/finances/build-a-smart-succession-plan/", "url": "https://starthealthy.com/life/finances/build-a-smart-succession-plan/", "title": "Build a Smart Succession Plan", "content_html": "

If you own a small business, a critical stage of management is acknowledging that you\u2019ll someday need to hand it over to another party. Astoundingly, about 4.2 million Americans reached age sixty-five in 2025 alone, and if you find yourself in this retirement age soon, it may be time to start planning so you can step into your golden years with total freedom and complete peace of mind.

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Phase 1: announcing your departure

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Some wealth managers recommend that you begin preparations at least five years before departing your position. Leaving a long runway allows you to take comprehensive steps and ensure that you are not only ready to retire but also feel confident that your business is being looked after.

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The first step to each of these is to define your exit vision, which can involve an internal transfer (a fellow owner or employee takes on your ownership of your business) or an external sale. Obtaining an accurate business valuation from a professional, like a certified valuation analyst or certified public accountant, will help you understand precisely what your ownership is worth, guiding which option you take.

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While some business owners may prefer to transfer their company to a family member or an employee, selling could be a lucrative route. Depending on your retirement needs, this could essentially convert your ownership into enough cash to retire early or even pass this wealth on to others as an inheritance.

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Then again, if your valuation falls short of your retirement needs, your tasks in the following years should pivot to enhancing enterprise value. You can do so by taking steps like slashing operating costs and investing in new marketing campaigns.

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Phase 2: Developing leaders

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Succession planning is not just about replacing who owns the company but also who will take charge of its major duties. If you follow these three steps, you can prepare another party to take on such responsibilities.

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  1. Define the profile
    \n    Start with an objective assessment. Develop a rigorous leadership persona that outlines the specific skills and characteristics needed to take the reins.
    2. \n
  2. Focus on adaptability
    \n    Whether your succession candidates include a family member, business partner, or internal mentee, evaluate them as objectively as possible. Consider factors like their seniority within the company and experience, showing characteristics that suit your leadership profile.
    3. \n
  3. Develop a road map
    \n    Write a formalized development strategy for nurturing your chosen successor(s). A reliable leadership approach for doing so is adopting the 70-20-10 rule: 70 percent experiential learning, 20 percent verbal coaching or mentoring, and 10 percent formal training.
    4. \n
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Phase 3: making your exit

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From there, assemble a strategic team of financial professionals, which could include a tax advisor, estate planning attorney, or wealth manager, to highlight your goals and help you structure your deal beneficially for both you and the business. With their aid, you can prepare all needed documents and find the best option for handing off your held value in the company (e.g., the aforementioned approaches versus gifting interests, a management buyout, etc.). Reviewing these options can help reduce your capital gains tax responsibility and protect your assets as you enter retirement.

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Every situation is unique when it comes to passing a business on to a different leader. However, if you tackle each of these phases diligently, you can realize your dream of easing into retirement knowing that your former enterprise will remain in good hands.

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The post Build a Smart Succession Plan appeared first on Start Healthy.

\n", "content_text": "If you own a small business, a critical stage of management is acknowledging that you\u2019ll someday need to hand it over to another party. Astoundingly, about 4.2 million Americans reached age sixty-five in 2025 alone, and if you find yourself in this retirement age soon, it may be time to start planning so you can step into your golden years with total freedom and complete peace of mind.\n\n\nPhase 1: announcing your departure\nSome wealth managers recommend that you begin preparations at least five years before departing your position. Leaving a long runway allows you to take comprehensive steps and ensure that you are not only ready to retire but also feel confident that your business is being looked after.\nThe first step to each of these is to define your exit vision, which can involve an internal transfer (a fellow owner or employee takes on your ownership of your business) or an external sale. Obtaining an accurate business valuation from a professional, like a certified valuation analyst or certified public accountant, will help you understand precisely what your ownership is worth, guiding which option you take.\nWhile some business owners may prefer to transfer their company to a family member or an employee, selling could be a lucrative route. Depending on your retirement needs, this could essentially convert your ownership into enough cash to retire early or even pass this wealth on to others as an inheritance.\nThen again, if your valuation falls short of your retirement needs, your tasks in the following years should pivot to enhancing enterprise value. You can do so by taking steps like slashing operating costs and investing in new marketing campaigns.\n\n \nPhase 2: Developing leaders\nSuccession planning is not just about replacing who owns the company but also who will take charge of its major duties. If you follow these three steps, you can prepare another party to take on such responsibilities.\n\nDefine the profile\nStart with an objective assessment. Develop a rigorous leadership persona that outlines the specific skills and characteristics needed to take the reins.\nFocus on adaptability\nWhether your succession candidates include a family member, business partner, or internal mentee, evaluate them as objectively as possible. Consider factors like their seniority within the company and experience, showing characteristics that suit your leadership profile.\nDevelop a road map\nWrite a formalized development strategy for nurturing your chosen successor(s). A reliable leadership approach for doing so is adopting the 70-20-10 rule: 70 percent experiential learning, 20 percent verbal coaching or mentoring, and 10 percent formal training.\n\n\n \nPhase 3: making your exit\nFrom there, assemble a strategic team of financial professionals, which could include a tax advisor, estate planning attorney, or wealth manager, to highlight your goals and help you structure your deal beneficially for both you and the business. With their aid, you can prepare all needed documents and find the best option for handing off your held value in the company (e.g., the aforementioned approaches versus gifting interests, a management buyout, etc.). Reviewing these options can help reduce your capital gains tax responsibility and protect your assets as you enter retirement.\nEvery situation is unique when it comes to passing a business on to a different leader. However, if you tackle each of these phases diligently, you can realize your dream of easing into retirement knowing that your former enterprise will remain in good hands.\nThe post Build a Smart Succession Plan appeared first on Start Healthy.", "date_published": "2026-08-13T08:00:58+00:00", "date_modified": "2026-08-13T20:50:25+00:00", "author": { "name": "jshaw", "url": "https://starthealthy.com/author/jshaw/", "avatar": "https://secure.gravatar.com/avatar/82c9132115b5cb74c8d4fb20cf990f4e3fb8822fa552fdc3e362ead755a6b041?s=512&d=mm&r=g" }, "image": "https://starthealthy.com/wp-content/uploads/sites/2/2026/07/succession-featured.jpg", "tags": [ "Business", "Employees", "Financial Planning", "Hiring", "retirement", "Small Business", "Finances", "Life" ], "summary": "Follow these tips to hand the reins of your business to your loved ones prudently." } ] }