Creating Succession Plan for Your BusinessCresset Co-Founder Eric Becker recently spoke with Next Avenue to discuss how entrepreneurs can get started creating their own succession plans.

Article by Richard Eidenberg, Next Avenue | Jan 25, 2013

Succession planning for business owners isn’t just for the ultrarich and powerful like the Roy family battling it out on HBO’s “Succession.” Having a plan in place for who’ll take over when the founder exits is essential for all entrepreneurs. Yet, 30% of business owners don’t have a formal business succession plan. Worse, of those owners who do have succession plans, 50% have major concerns about their successor’s ability to maintain the success of the business.

With this in mind, Next Avenue spoke with Eric Becker, 60, co-founder and co-chairman (with Avy Stein) of Cresset Capital, a Chicago-based firm specializing in advising entrepreneurs, CEO founders and their families. Following are highlights of the conversation, with Becker’s advice on how and why you should create a succession plan for your business …

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