Tick, Tick, Tick. What happens when the clock strikes change?
We all think we’re going to be in charge of how and when our business changes hands or closes. However, often we are out of control. Divorce, health crisis, family disagreements or the economy stop the show. Conversely, sometimes market conditions can be optimal for a sale.
You may not have a choice about how or why, but you do have choice about being ready. Here are three tips to prepare a succession plan:
Who is the most likely person to take the business forward? How might I build more knowledge and experience with them
Could this business run without me? How might I start filling in that gap?
What do we do over and over with our clients that produces the most delight? How could I teach someone else to do that?
Answering these questions start you on the path of a business that can survive beyond your leadership, get sold successfully, or provide more options than ending in court.
If you’d like help developing and implementing a succession plan, contact me. I help owners get their businesses ready for sale, maximizing their asset, creating structures for a new chapter, and giving the owner a robust exit strategy.