Succession Planning For The Independent Rental Owner (IRO): Are You Ready?
Succession planning can be one of the most difficult, yet most important, actions you take as an independent rental owner (IRO). Simply put, succession planning is the act of determining what will happen to your business and wealth after you retire or unexpectedly pass away. It’s not something you want to put off until the last minute — but most people do.
In fact, according to the Business Enterprise Institute, 81% of business owners plan to leave their business in less than 10 years, but only 20% have an exit plan in writing. We should mention: a succession plan doesn’t count unless you get it down in writing.