Succession Planning for Business

When it comes to planning for the future of your business, the worst thing you can do is not have a plan, but many small businesses don’t have anything in place for succession planning.

Most business owners leave their business to their family. It is a fatal mistake to assume your heirs will pick up where you left off, because that is just not the reality. According to Rich Simmonds, of the Pacific Family Business Institute, only 25% of businesses survive from first generation to second, and of those that do, 75% of those don’t endure through a third-generation. Thus, only about 12% of family businesses survive down the road.

You have spent your time, effort, experience and sweat in building your business. Now it’s time to protect it!

Some items to consider are:

  • Does a family member want to take over the business?
  • If not, is there a key employee that wants to take over?
  • Is the potential successor passionate about the business?
  • Is the potential successor knowledgeable about all aspects of the business?
  • Is the business sustainable or will it potentially become obsolete (remember phone books?) ?
  • Have you planned for changes in industry, markets and growth?

These, and many more questions need to be answered in order to make your succession plan work.

We are happy to help you prepare for the future of your business. For more information, or to set up a review of your Succession Plan, contact us.

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