Plan for Business Succession

Business succession is a part of the natural business cycle.  If it is done right, a huge influx of new energy and ideas can be created.  The unfortunate facts are that far too many owners/businesses are not ready for the succession process and this leaves many employees holding their heads pondering an uncertain future.

Many owners and CEOs of businesses are wrapped up in the identity of the business to the point that if they leave, there becomes a serious personal identity crisis.  They have given their all to the business and there are strong emotions that play into their leaving the business.  This is one of the key barriers to any conversation that pertains to a business transition. It is more powerful than getting their money, who will replace them, or even the future of the business.

It is never to early to start the discussion of business succession.  The planning and preparation can take years and the more it is discussed openly the easier it is on everyone.  Do not wait for the bus to run you over - start the discussions today, put it on paper and make it legally binding so the process does not get put off.  If you can not do it yourself or internally, then find resources that can help you through the process.  Remember that you have a lot of employees counting on you to do it right so they can continue to have a bright future in the business.