Succession Planning

If you are your own boss you know what it is like to have others depend on you. Your family, clients, and employees look to you for support and direction. Succession planning goes beyond picking out your heir apparent. If done correctly it can create a more efficient and better defined structure for your business. This improves many outcomes, including increased value, continuity, and liquidity.

Aside from preparing your business for your eventual departure, succession planning can include making sure that you are prepared for turnover within your business. It involves developing procedures around bringing on new employees and developing your existing employees’ talents as your business grows. By designing the ways in which your employees grow and develop you create a natural succession plan for each role within your business.