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Creating a business succession plan

Being a business owner is a big responsibility and your business is important to you. When you decide to retire you want to make sure the business’ future is secure and it is left in good hands.

Creating a solid business succession plan will help ensure the future success of your business and make sure the transition is smooth.

Making a business succession plan can be complicated. Here are a few different actions to think about taking that may help you when creating your plan.

Select a successor

Choosing someone to fill your role is one of the most important parts of a succession plan. You will want to consider who would be the best fit for taking over your business. In some cases you may want to consult an outside source to get a different perspective.

You may also want to think about a form of training for your replacement. Easing them into the process and making sure they know what they are doing is essential.

Figure out goals

Determining your goals and objectives is important in creating succession plans. Figuring out goals for both the company and yourself can help encourage a smooth transition. Identify goals for the next phase of management and identify goals for yourself during retirement.

Create a timeline

Having a timeline for the implementation of the succession plan and the steps leading up to it can also help you create a solid plan. Figure out how and when the transition will take place and determine what the transition will look like.

Setting your successor up during your time in charge can help make the transition smoother.

Handing over control of your business can be stressful but exciting. You will get to open a new chapter of your life but you might be worried about your company. Creating a good succession plan will ease your stress and help your company in the future.

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