Don’t you think for one minute that succession planning is only about the future. It impacts the now just as much as the then.
In this great article, the Entrepreneurs Organization gives 7 keys to planning for the next generation of management of your company. But when you read the article you quickly realize that all of these steps also add current value to your company.
That makes sense. If you successfully plan for passing your company to the next generation you are automatically making it less dependent on you, the founder. That makes for a more robust company. If you succeed in that completely, you could retire earlier than you think.
One of my favorite quotes: “Vision boards help companies stay aligned on their short-and long-term goals. It’s one of those concepts that busy bosses put off because as long as they are there to supervise, things tend to run pretty smoothly.” But oh how much better things would run if that busy boss gradually let go.
It is never too early to plan your exit from your small business. And doing so will benefit it today.
Argent Place Law, PLLC focuses on businesses and business owners. The firm provides legal business counsel in matters of business, corporate and contract law, intellectual property law, and succession planning, including estate planning with wills and trusts for its CEO clients.