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Business owners – what happens if something happens to YOU?
I’ve been working with a growing number of business owners who are now seriously working on succession plans. To be honest, this is something that’s healthy to tackle even when you’re starting out.
As your business grows and you hire employees, it’s easy to spend all your time focusing on the day-to-day issues and growing the company.
What happens if something happens to YOU?
For many companies, despite all the loyal customers and supportive partners, the loss of its owner could well mean business failure. And whether you like to admit it, this DOES happen. Car accidents, heart attacks, random disasters – you could be involuntarily taken out of the picture tomorrow.
But I don’t want to be morbid. Let’s look at a more positive scenario: What happens if you want to retire? What if you want to move on to the next phase of your life?
- What do you WANT to have happen to the business when you move on?
- What would be best for your employees, your customers, your partners, your stakeholders?
- What are the scenarios that you’d like to be prepared for?
- What are all the roles and tasks that you have as business owner?
- Who do you need to develop inside the company?
- What needs to become clearer and be articulated better?
Do you have succession plans? Is your business prepared for the transition that will happen when you take your next step out of the company?