Passing the torch: What businesses need in succession plan

Yahoo Finance Video
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52 CEOs stepped down in the first quarter of 2024, the highest level in four years according to executive search and leadership advisory firm Russell Reynolds Associates.

Edward Jones Principal of Retirement Products Katherine Roy joins Wealth! to give insight into how business owners need to start considering implementing proper succession plans. Edward Jones data claims only 64% of business owners have succession plans.

When it comes to succession plans, Roy claims businesses need to start "trying to make sure that they have the right person that's being able to juggle" aspects like growth strategies, healthcare costs, and adopting new technology.

"We also know it's really important to just get started and make sure you have that plan in place because life happens and unexpected events occur," Roy explains. "And so identifying that right partner in the long term through having a team in place to help you do that's important. And that's where we see our financial advisors working with business owners every day."

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Nicholas Jacobino