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Why we always need succession planning

Here you are, the owner of a small to medium sized business, buried anywhere between waist-deep to over-your-head in your business and trying to make the right decisions so that you can keep your clients happy and your employees paid. The one thing you often forget, until it is way too late, is the what-if scenario. What if something happened to you or one of your key employees? How long could your business survive?

Another reason to plan for succession is that maybe you would like to retire at some point. For most small-medium sized business owners that you either have to sell, dissolve, or pass the business on. Many owners only start thinking about these steps when they feel like they're done, which is not a good time to think about the future of your business.

A good idea is to always have somebody in your employ that you consider as the person that could take over your business if anything ever happened to you, or if you decided that you want to move on to bigger and better things.

Here are some key things about that person:

1. Trust - the most important thing is that you can trust this person. This is why you often have family members in mind to succeed you.

2. Attitude - You can't train attitude. If the person is eager to learn, work, and loves what they do, you're 90% of the way there.

3. People skills - Social competence and the ability to relate to others, as well as listen and interact in a friendly, engaging manner is very important.

4. Competence - This is the least important of the key points, because competence can be acquired in time. As long as the other three are in place, you are well on your way to having the right people in place.

If you feel you could use some help planning for those what-if situations, your retirement, or want to train up the person you will eventually sell your business to, contact us at Tize Consulting.