An important part of owning a successful business isn’t just documenting what you do now that makes you effective but also outlining a plan for what happens when you decide it’s time to move on or are forced to move on for circumstances outside your control.
Do you already have a successor lined up who can make the difficult decisions that you have made in the past? The next in line person to take over your role and take the business into the future should be someone who has a big passion for the work, the expertise needed to leverage business longevity and the willingness and ability to work with other employees.
Far too many small and medium sized businesses fail due to a lack of succession planning. In fact, the exit planning institute reports that 78% of businesses have no transition team in place and nearly 83% have no written transition plan. The employees staying in the business and the entire company at risk.
The right succession plan will be created now before you have any intention of leaving. It helps to protect a thriving enterprise and covers the need to transfer control to a successor and the possibility of the owner’s sudden departure. Finding the right successor is a process that should begin now.
Talk to our business succession planning lawyer today to learn more about how to begin the process. Your succession plan is there to help your employees, your leadership team, and the company not just survive your departure, but to continue growing and building on the firm foundation of success you already set up.