Succession planning: Is owning a business like owning a boat?

Ask any boat owner and they will tell you the two best days in a boat owner's life are the day the boat is bought and the day it is sold! Notwithstanding all the enjoyment that comes from owning a boat on a sunny day, there is an abundance of hard work and many days with stormy weather - all of which create risk and stress.

Owning a business is the same. The first day is a very proud moment - you have achieved a dream. On day two the slog begins. Hopefully there is more sunny sailing than stormy weather but, inevitably, for every privately owned business a day comes when it is time to sell.

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