Planning is always the key to success in any endeavour and succession is no different. The well-planned transition of your business can benefit you financially while also providing you with peace of mind that your business will become your legacy.
The key components of having success in your succession are:
- Time – Ensure to start planning early in order to keep all your options open. Start thinking about your succession goals and having tough conversations now.
- Goals – Dream big! Paint the picture of your ideal outcome. This will help to drive the succession plan and keep you focused on the end goal.
- Needs – Knowing what you need financially to retire can remove doubt and relieve some pressure making it easier to start thinking about succession.
- Communication – Succession planning can be emotional so it is important to keep communication lines open so everyone can get on board and relationships with family, friends and key staff can hold strong.
- Flexibility – Whether retirement is a few short years or decades away, having a flexible plan will create the greatest benefit. Allowing you to react to changes in the business environment, your own goals and needs and unanticipated events and opportunities.
- Support – You do not have to tackle the plan alone. Surround yourself with a team of trusted advisors to guide you along the way.
Entrepreneurs often want to leave a legacy after years of hard work to build their business, therefore your plan needs to leave you feeling satisfied with what happens to the business once you retire. Hopefully this blog series gave you the nudge you needed to start thinking about the future and removed some of the mystery. So remember investing some time into succession planning today can lead to large scale savings as well as peace of mind now and in the future. So invest today and reap the rewards as you pass the torch and move on to your next adventure!