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Do You Need A Business Succession Plan?

| Dec 8, 2020 | Firm News

Building your business from the ground up was a labor of love, created through hard work and dedication. So, when it comes time for you to step down and retire, you want to be sure your legacy is carried on, the way you intend. How can you do this? Business succession planning can help you pass on your company successfully, effectively dealing with any issues and complications that may arise.

If you are a small business owner, creating a business succession plan can help you get peace of mind for the future of your company.

What Goes Into A Succession Plan?

Proper succession planning is important for small businesses and it’s essential to create a secure plan that accounts for all possibilities to ensure success.

Most business succession plans include:

  • Selection of a successor
  • Development of a formal training program for your successor so they understand the responsibilities and duties required of them
  • A timetable that accounts for the transition of power
  • A plan for execution of succession to ensure a smooth transition

You may also want to include plans for your own retirement. This can make it easier for you to let go and for your successor to seamlessly take over.

Succession planning may seem straightforward, but it may be more complicated than you think. You may want to enlist the help of a professional who can help you go over various strategies for success in your planning. There are several additional steps you might need to take in order to help your company thrive in the future beyond thinking about a succession plan.