Should succession planning be on your menu?
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