According to experts at M&I, a part of BMO Financial Group, small-business owners should start succession planning five to 10 years before the anticipated transition; however, many small-business owners are so focused on everyday business operations, especially given today’s economic climate, that they are not investing the required time to develop a comprehensive succession strategy.

M&I maintains that this is concerning because the U.S. relies on the more than 20 million small businesses as they employ half of the American work force.

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