The conversation around successions can be [sensitive], because it brings up all the same issues one faces when starting a business—only this time, you’re forced to imagine it without yourself in the picture.
“Who will take over the business when I’m gone?” That’s the fundamental question when it comes to business succession planning. So, even though we realize that all beginnings will inevitably have an end, why is this topic so hard to talk about?
If business succession is on your mind, then you need to check out a recent Forbes article titled “How to Succeed At Succession.” But before you read the original article, remember this—asking the right questions is at least as important (if not more so) than the answers themselves.
Here are a few examples to ponder: Do you want the business to live on past you? If so, who ought to lead it? How is the business structured in the context of your estate plan or your business partner’s plan? Do you have an exit strategy in the event of retirement, disability or death?
As with all planning, the journey towards a smooth transition for your business begins with those first important steps.
Reference: Forbes (January 15, 2013) “How to Succeed At Succession”