When a phenomenal business begins to fade away it’s because they have no succession plan in play. In this Growth, Leadership and Management Tip I’m looking at succession planning, building business value, and finding talent that can take your business into the future.
Many businesses find they are challenged with not having the capital to get people involved. I’ll tell you how to find that capital, how to think from the inside, and what you need people to be able to do in order to get ownership in the business.
At any moment you may decide it’s time to get out of the business. You need to make sure that’s a slow buy out/sell in, and you’re not being forced out. Everything you do in the creation of your business is about building its value, and I’ll tell you how to do that.
What’s most important is, a business with no succession plan has no plan. Your business should survive beyond you. Get clear on what you want your succession to look like, start planning for it now, and put those people in place who can run the business without you.