Succession Planning is a Must for Every Business
December 10, 2021 | Holiday Gift Giving - Iowa Style
A succession plan protects all the hard work you’ve put into your business, helping to ensure a smooth transition and providing direction to the next generation of leadership. Many people think it’s only a plan for what happens if an owner passes away, but a succession plan also provides preparation for retirement as well as any unplanned event, such as disability, divorce, market shifts and more.
If you don’t have a succession plan for your business, you don’t need to be an embarrassed executive. You just need to be a let’s-get-to-it executive. The fact is, most business owners realize the need for a business succession plan. They just haven’t gotten around to it. Let’s change that.
QUESTIONS A SUCCESSION
You have goals for your business, and a good succession plan keeps your vision in mind by helping develop key directives in the event you can no longer run the business. Below are just a few examples of what you’ll think through in your plan:
• Who is the immediate successor? Is more than one person needed to fulfill the role?
• Do you have the right people to run the business, or does someone new need to be brought in?
• How does ownership transfer?
• Should all or part of the business be sold?
• Is everything in place to keep the business operating? Short term and long term?
Be a business leader who protects the business by getting your succession plan in place. The first step is a simple one: reach out. Talk with your attorney, accountant, banker, ABI — the list of resources goes on and on. Protect what you’ve built by starting your succession plan today.