Small business succession planning is vital to sustaining the success of an organization. It is important in the tragic event that an illness (or worse) takes the owner/operator or another essential employee out of the business. Or, in a more positive scenario, when they want to pass the torch to a well-trained and capable subordinate.
As a female small business owner, when was the last time you didn’t worry about your business? Have you taken a carefree vacation lately, or been away from the office without the urge to call and check in? I didn’t think so. This is where a small business succession planning can help relieve you of one less worry.
The good news is that you are not alone.
In fact, if you are able to step away from your business for any amount of time without concern, you are in a very small minority. The truth is, very few small business owners have given much thought to succession planning; and even fewer yet have actually put together a plan.
What Is Small Business Succession Planning?
Succession planning can simply be the root activity of determining who will be succeeding you as the leader of your company.
- Who steps in and functions, seamlessly, when you’re gone?
- Has that person been trained to be competent and comfortable with having authority and making decisions?
Small business succession planning should also include plans for important employees. It is all too common in small businesses that the office manager, bookkeeper, or other vital role is the only person in the whole organization who knows how to do their job. If you have employees your business can’t function without, you have a problem.
Succession Planning Help
It’s important to “begin with the end in mind.” I can help you objectively assess your organization and customize a succession plan that will provide options for sustainable growth, passive income; or, if preferred, an exit strategy to a new season of life or a new business line.
I am here to work with you and be the bridge to get you from where you are to where you want to be. Let me warn you of the pitfalls and share lessons I learned along the way to make your trip less perilous. Click here to schedule a free consultation today!