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Have you done Succession Planning?

Discussion in 'General Business and Entrepreneurship' started by ruener79, Mar 13, 2016.

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  1. ruener79

    ruener79 Member

    For all the entrepreneurs out here, have you thought about succession planning? Let's face it, we are not immortals. At some point, years from now - the business will be handed over to someone if you want the business to live on. Have you thought about how you will pass on the business to your next generation? OR would you ever want to hand it over?
     
  2. rz3300

    rz3300 Member

    I have not personally and I am pretty sure that all of my partners are the same way. We have talked about it briefly, but nothing really to anything substantial that you might even consider a plan. It is kind of weird to think about, and it might make some people uneasy, which is probably why it is something that people often forget or neglect to think about properly enough before the time comes.
     
  3. Jack Benoit

    Jack Benoit Member

    А gооd suссеssiоn plаn will hеlp thе trаnsfеr оf yоur businеss gо smооthly, аnd аllоw yоu tо mаintаin gооd rеlаtiоnships with еmplоyееs аnd businеss pаrtnеrs. Suссеssiоn plаnning hеlps yоu:

    • Prоtесtthе lеgасyоfyоurbusinеss
    • Mаintаinа sеrviсе fоryоurсоmmunity
    • Build vаluе fоr yоur businеss
    • Prоvidе finаnсiаlsесurityfоryоurfаmilyаndyоurstаkеhоldеrs
    • Dеаlwithunеxpесtеdеvеnts (illnеss, ассidеntоrdеаth)
    • Prеpаrе fоr thе futurе
     
  4. T J Tutor

    T J Tutor Member

    Exit strategies have long been an important part of business planning.
     
  5. ruener79

    ruener79 Member

    I agree. In theory, exit strategies and succession planning are part and should be an essential element in business planning. But as implied by rz3300, it is one of those things that some people neglect to do. If my memory serves me, there is one thread somewhere in this forum about what to do with a problematic/indispensable employee. That type of question is indicative to me of lack of succession planning. The business owner being held hostage by a problematic employee primarily because of failure to think ahead of what must be done in case an essential employee suddenly quits, becomes problematic, or God forbid the business owner himself is taken out of the equation either by death, accident, etc.
     
    T J Tutor likes this.
  6. Alaine

    Alaine Member

    I have no succession plan yet.

    I intend to build but after 10 or so years I'll take a step back.The management of the business from then on will be handled by my niece. So it certainly does appear that though I don't want to admit it, I do have an exit strategy. When I'm gone, she'll be the new owner.
     

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