Should succession planning be on your menu?

January 3, 2017

Restaurant owners inevitably confront the need to transition ownership and management of the business to others.

Whatever form this transition takes — to the next generation in a family business, to a management team buying out the owner, or to a third-party buyer — it involves a new set of risks and opportunities that differ from those encountered in normal operations. An owner must be prepared to meet these challenges through a process of succession planning.

Here are some key considerations to keep in mind when considering a succession plan:

Know yourself. Are you ready to put your restaurant business