Succession Planning When There is No Succession
According to recent surveys, 80% of business owners have no transition plan or have not documented or even communicated a succession plan. It gets even more complicated when there are no family members ready or willing to take over the business. What is clear is that the best business transitions begin early and go smoother when there is a team of people working in tandem to maximize the value of the business and enhance it for a change. We will look at preparation and planning steps, as well as value-building, optimizing and transitional strategies to use when there is no family or heir apparent to take over the reins of your operation. We also will address your emotional readiness and review actions you can start to take today that will make your business and you more transition ready. It is hard to transition when no one is in place to take over, but that doesn’t mean the planning should stop. It is more important than ever to get started.