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Published on Sep 4, 2012
By Brooke Miller Hall
September is Healthy Aging Month, and we hope you’re the picture of good health.
Nonetheless, it’s never too early to think about succession planning for your business -- no matter how healthy you are or how many candles are on your birthday cake.
If you suddenly become hurt, sick, or worse, would your business survive? You certainly don’t want the company you’ve worked so hard to grow to end up crumbling without your leadership.
Different scenarios have different considerations. If you’re a sole proprietor, perhaps you’d like to sell the business to a partner or competitor. A third-generation family business owner might assume the next generation will take over. Or you may envision turning the reigns over to a promising employee.
But your wishes, hopes and assumptions could all be for naught if your plan isn’t solidified before your departure.
Succession planning research shows clear objectives are critical, including these well established practices to set the ground work for your plan:
It’s also helpful to:
In the second part of this series, we’ll talk about next steps in your succession planning.