Are you a business owner nearing the end of your career? Even if you’re not quite ready to retire, it’s never a bad idea to start planning for your business’s future. When you think about what’s next, you might be wondering what are the steps in business succession planning? We’re so glad you asked. At the Transition Strategists, we help businesses through key transitions, especially succession. It’s okay if you’re not sure what exactly should happen when. Let us walk you through it.
Understanding the Steps in Business Succession Planning
Business succession planning begins with relationships. Identify which personal and professional relationships are the most important to you at the start of your business succession planning. Our goal is to help you protect and enhance those relationships. Any succession plan that puts strain on any of those relationships, especially within your family and close friends, is not the right plan. Ultimately, it’s important to recognize that the transition will not be perfect. However, you can meet your goals, and protect your relationships, and create a win-win, for the people you care about the most.
As you start thinking about your succession plan, be clear with yourself about your goals for not only your company and successor, but for your family and yourself. By stating your intentions and destination at the outset, you are more likely to navigate any challenges or dilemmas successfully.
What Are the Steps in Business Succession Planning I Should Take?
Direction, timeline, vision, and action. The Transition Strategists will take you through these steps one at a time through our Transition Roadmap. Our Transition Roadmap is unique to each client because everyone has different goals, time frames, and options. However, this custom map does walk you through the common steps in succession planning.
We begin by asking you questions that will help you identify the direction in which you need to move. Next, you set a timeline by focusing on milestones on the way to achieving your goals. You also decide the pace. Then, you create your vision for the future. Once you have clear goals, timing, and vision, you can start taking action. We’ll help you get started with a detailed action list — so you’ll recognize when you’re meeting your goals and can hold yourself accountable to them.
Just like estate planning, it’s never too early to begin your business succession planning. Starting early will give you more runway – more time, options, and opportunities. While your plan might change over the course of time, it’s always a good idea to have some plans in place. If you’re worried about knowing what are the steps in business succession planning, trust the experts at the Transition Strategists. We can walk you through step by step to make the process less overwhelming and more empowering. Give us a call today for a complimentary consultation.