As a successful small business owner, the issues contained within this handbook either haunt your daily life currently or soon will. Succession or Failure is designed to address
mission-critical questions and provide workable solutions that you can begin to implement in your quest for your ultimate retirement. Managing your lifecycle in business is the same as flying
an aircraft. You initially add some fuel before starting up, you fuel the business with revenue and capital induction as you ascend, you fly along your intended course, and ultimately you bring
it in for a safe landing as you exit with a handful of cash. Sounds simple, though the vast majority of businesses fail somewhere along their flight path and face an emergency off-airport
landing or worse. The question is, why does this happen to so many small to mid-sized business owners? The reason is simply pilot error, just like in flying. Through a series of distractions,
adverse conditions, or fuel starvation, we find ourselves with red indicators. The real problem is a pure lack of experience and formal training. This handbook will assist you in navigating
your small to mid-sized business through key employee identification, succession planning, and ultimately value extraction. By using this handbook as a guide to running your business, you will
have an appreciation for the need to run your business with an exit strategy in mind. In the end, there are only two options: Succession or Failure.
