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Where should the business be located? What should the name of the business be? Where do I go to receive financial help? Do I have a business plan? All of these are great questions to ask when planning and creating a business. One question seems to get lost in the process, though. Who will takeover the business when the time comes to sell or transition ownership?  \nThe Lake Superior Community Partnership has developed this Succession Planning Toolkit to help ease the planning process. It will provide guidance from when you should start thinking about planning, to the many resources available to assist you during this process.  \nOften times, succession planning ends up on the back burner as you go about your day to day operations. Planning the end of your business ownership lifecycle can be hard to grasp at times. With the proper guidance and toolkit to help, succession planning can be a simple and smooth transition.  \n2  \nWhen and Where to Begin  \nThe ideal time to start succession planning for your business is when you are in the startup phase or in the early years of operation. When writing your business plan, add a section that deals with where you see your business in 5, 10, or even 50 years down the road. Having a succession plan included in the business plan will serve as a reminder of what to do when the time to retire or sell your business arrives.  \nAlthough the ideal approach is something to consider when starting, a business may wait until they have 5 or 10 years already under their belt. The important thing is to start planning now. If you plan to retire or sell the business completely, look at a time frame of around 3 to 5 years to begin the process and formulate what you would you like to see happen. Following are ideas and questions to consider when beginning the succession planning process, as well as some organizations that can help you.  \n3  \nQuestions and Resources  \n\n| Questions | Explanations |  Resources |\n| --- | --- | --- |\n| Do you have a business plan to lay out everything from start to finish? | A business plan will help keep everything organized once you start the next phase of your business. | SBDC’s Guide to Starting and Operating a Small Business [https://sbdcmichigan.org/wp](https://sbdcmichigan.org/wp)content/uploads/2017/03/2017-Guideto-Starting-a-Business-WEB. pdf\u003Cbr>LSCP’s How to Start a Business [https://marquette","cbCaiuOCHnR8gudH","https://ap.wps.com/l/cbCaiuOCHnR8gudH","pdf",907841,23,"English","# Introduction\n# When and Where to Begin\n# Questions and Resource\n## Organizations\n## Timeline\n# Templates\n# Checklist\n# Summary","[{\"question\":\"When is the ideal time to start succession planning for a business?\",\"answer\":\"Start during the startup phase or early years of operation. If already established, begin planning as soon as possible and consider a 3 to 5 year timeframe for retirement or a complete sale.\"},{\"question\":\"What kinds of questions does the toolkit recommend addressing?\",\"answer\":\"It prompts questions about having a business plan, reasons for selling or exiting, legal documentation needs, and whether internal candidates or family members are interested in purchasing and taking on daily responsibilities.\"},{\"question\":\"What tools and materials does the toolkit include to support the process?\",\"answer\":\"It provides a succession planning timeline template, contacts list templates (including suppliers and utilities and business contacts), a checklist, and summary guidance to help organize planning and execution.\"}]","Succession Planning - A Toolkit to Ease the Process | PDF",1790094866]