What does the future of your business look like? As a business owner, it’s something you probably think about often. Whether you have a successor in mind or intend to find a buyer when the time comes, having a plan will ensure the best possible outcome for you and your business. Our business succession planning guide provides easy-to-follow steps covering everything from putting a plan together to eventually handing over the reins.
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When should you create a succession plan?
If you’re thinking about retiring from your business, the sooner you get your succession plan in place, the better. Implementing a succession plan isn’t something you want to rush, especially if you’re intending to hand over ownership to a family member, friend or valued employee. Getting a plan in place early means you can gradually give your successor more responsibility, provide them with mentoring and ensure they have the skills and knowledge required to successfully run the business after you step away.
Even if you’re planning to find an external buyer, you’ll want to make sure you have plenty of time to get everything in place. As you’ll see from our succession planning guide, there’s lots of work to do to get your business in the best possible shape before you sell it. Failing to do so can make finding a buyer harder and may result in a lower sale price.
If you’ve got no intention of selling your business anytime soon, the idea of creating a succession plan might seem strange. Even if you’re not planning to sell, there are still good reasons to spend some time mapping out what the future of your business could look like, though. No one knows what the future holds and circumstances can change quickly. Having a succession plan in place enables you to react quickly to changing circumstances and protects your business and employees. Planning and carrying out reviews can also help to ensure your business is compliant, and properly protected from third-party issues.