As a small business owner, there is no doubt that you have persevered, worked hard, and dedicated your life to building a successful business. With that said, don’t you think your hard-earned business has a chance for a happy ending?
Have you ever thought about the impact your death, disability, retirement, or even divorce would have on your small business?
- If you’re a small business owner, it’s time to think not just about what’s happening now, but what’s going to happen in the future.
- So you need to put your priorities in perspective by protecting yourself and your business with succession planning.
- A business succession plan is what you need to ensure your business is safe and happy no matter what happens in the future.
- Succession planning, in particular, gives the company the opportunity to deal with any challenges that may arise. For example, certain setbacks you may experience may be beyond your control: B. Divorce, disability, separation and death. But with a business succession plan, as a small business owner, you have the chance to ensure your business is protected no matter what happens to you.
- There are a few things to consider when creating a business succession plan for a small business. – Set long-term business goals and ask yourself important questions such as: Should I sell my small business?
Do I need to create a plan to allow my business to be transferred to one of my business associates or family members?
Does my company have public potential?
- Of course, business succession planning doesn’t just start with deciding who will take over your business if you can no longer operate it or want to sell it.
- In addition, succession planning is all about keeping your small business viable and prosperous, and ensuring your absence doesn’t ruin the business.
- Therefore, to maintain control over the future of the business, succession planning should begin by making decisions on matters such as: Any action you take in planning an inheritance will be accompanied by some kind of reaction.
- Planning requires the support of experienced professionals.
- Understanding the Costs and “Pleasures” of Business Succession Planning As with any kind of business preparation, business succession planning is best done if you don’t want to suffer the consequences of financial loss, or worse, suffer a small loss.