You have a successful family business. You’ve grown. Added staff. Revenue has increased steadily. But what happens if something happens to you?
A number of issues arise when considering succession. Timing the transition. Deciding who should succeed you. Could the decision spark family disputes? And how can you ensure everything goes without a hitch? In truth, only about 30 percent survive the transition from first-to-second-generation ownership. To succeed, you need to clearly understand and define your goals in succession planning.
Your primary goal should be keeping your business running smoothly should anything happen to you. It’s not unlike running a professional sports team. What happens if you loose a key player? You need to identify a point person who can take his or her place and get you back in the game.
Let’s say, however, there’s no obvious successor. Then what? Would you close the business? And, just how would that work? Could you sell your business? But what would that mean to you? To your employees? And to family members or clients? All important and sensitive decisions that require considerable time and thought.
Of course there’s always the possibility you might just find the needle in the haystack. But what if you don’t immediately recognize just who that is? And what if that individual is uncertain about taking the job?
With all this in mind, you might consider having us join you in the haystack. We’ll help you make your succession plan a success.