Thinking About Business Succession
The sands of time trickle through life’s hourglass, and they stop for no one. Not everybody wants to continue running a business forever, no matter how much fun they are having – and you can never predict what the future holds. Whatever the case may be, it remains an incontrovertible fact that you might want your business to continue whether you’re leading it or not. Avoid the chaos and the hassle by getting a solid business succession plan in place early.
As a young entrepreneur, you’re probably filled to the brim with confidence, caught up in the day-to-day running of your business with little thought to the inevitable end. As an older, experienced business owner, you may have planned for succession some time ago – are they still relevant? Perhaps you have held back from even starting on these plans, immobilised by a reluctance to face the possibility that your business may not be yours forever.
All these states are completely natural reactions to both running a business and the passing of time. Yet they do not negate the fact that a business without a succession plan is like a tire with a slow leak – by the time it’s totally flat, the whole thing’s stuffed. Once that’s happened, no amount of strategy or business advisors can fix it.