EUGENE, Ore. -- When you open a business, you should always consider how you’re going to close it, Oregon Pacific Bank President and CEO Ron Green said.
How do I create a succession plan for my business?
When looking to create a succession plan, Green said it’s important to consider what your exit plan is, as the two often go hand in hand.
The day you open a business, you should think about what’s going to happen and how you’d close the business. Green said that could be because of a day when you’d like to retire, or maybe you want to sell the business. So it’s important to have an exit strategy lined up.
That strategy may involve succession with maybe an officer or manager of your company, or perhaps an heir of yours, to take over the business. But Green said to think about your exit strategy and use that to determine what you want to do moving forward.
If you have a banking or finance question for Green, click here.