It’s never too soon to start planning for(finished)
1. It’s Never Too Soon to Start
Planning for Your Succession
2. Business owners spend so much
time establishing their businesses
they often forget one crucial
factor: the future. Have you
thought about what will happen to your
company when you retire?
3. Small businesses are particularly
vulnerable when the guiding
force – you – steps down.
Therefore, it’s critical to take
action now to ensure a strong business in the
future.
4. You may want to pass on your
business to the next generation.
If you have older children who
have expressed interest in your
company, you can begin to groom
them now for leadership roles
and expose them to every aspect
of the business. Be sure to discuss
your goals and business philosophy with
them early on and introduce them to the industry
by including them on business trips and at
conferences.
5. If, however, your children aren’t interested in
taking the reins, the alternative is selling your
business. Whether it’s a digital presence or a
physical company, there’s usually an interested
buyer for a successful organization that is well
branded, attracts a loyal clientele and has a well-
thought-out website (particularly if it’s a web-
based business).
6. In both cases, your succession planning should
start with a comprehensive evaluation of the
marketplace. To put a true value on your
business, you should be able to forecast what
your industry – and your company – will look
like in 10 to 20 years.
7. Most important, try to be objective and remove
your emotions from any major decisions. Enlist
professionals so that these decisions are made
for solid business reasons, not emotional ones.
