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Should I have a plan for who takes over my business?

Building a business is a significant accomplishment. While your business may be successful, it cannot continue to operate without someone in charge.

As you consider the life of your business, it is essential to plan for the day you appoint someone else to assume operations. Having a succession plan for your business can give you and your employees peace of mind about the future.

Here’s what you should think about as you decide whom you want to take over your business.

Know who is (and isn’t) interested

You may have a vision of a particular person filling your shoes when it is time to pass on your business, but they may not have the same plan. It is essential to have open conversations about who should take over your business and whether that person has the skill and interest to do so.

As you consider who should take your place, it is ok to start with family members or people who have worked by your side. Talk to your potential candidates about their thoughts concerning the future of the business and their role within the company.

Get them ready

No matter how long it will be between now and when it is time for your protégé to take over, this time is precious. There is specific knowledge that you have from your experience that you can pass on to the next owner, including:

  • Daily operations
  • Bookkeeping
  • Staff management
  • Hiring and onboarding
  • Inventory and supply management

In some cases, it may be helpful to supplement on-the-job learning with industry-related coursework. Create a plan for helping your predecessor prepare for the journey ahead.

Preparing for the next chapter of your business can be an exciting time. You should talk to a knowledgeable professional about the steps you should take to put your plan into action.

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