It’s Never Too Soon to Start Planning for Your Succession

Business owners spend so muchtime establishing their businessesthey often forget one crucialfactor: the future. Have you

thought about what will happen to yourcompany when you retire?

Small businesses are particularlyvulnerable when the guidingforce – you – steps down.Therefore, it’s critical to take

action now to ensure a strong business in thefuture.

You may want to pass on your business to the next generation. If you have older children who have expressed interest in your company, you can begin to groom them now for leadership roles and expose them to every aspect of the business. Be sure to discussyour goals and business philosophy with them early on and introduce them to the industry by including them on business trips and at conferences.

If, however, your children aren’t interested intaking the reins, the alternative is selling yourbusiness. Whether it’s a digital presence or aphysical company, there’s usually an interestedbuyer for a successful organization that is wellbranded, attracts a loyal clientele and has a well-thought-out website (particularly if it’s a web-based business).

In both cases, your succession planning shouldstart with a comprehensive evaluation of themarketplace. To put a true value on yourbusiness, you should be able to forecast whatyour industry – and your company – will looklike in 10 to 20 years.

Most important, try to be objective and removeyour emotions from any major decisions. Enlistprofessionals so that these decisions are madefor solid business reasons, not emotional ones.

Randy Bettwww.BetterGroupRealEstate.ca