Plan the Work, Work the Plan

Even if your business is running smoothly, even if you’ve given some thought about who might succeed you, even if you have a child or two who know the company inside and out, you need to create a succession plan. Many business owners haven’t – 58 percent of business owners in a 2016 survey by Wilmington Trust had not created a specific plan, while 11 percent hadn’t even thought about succession. Even those approaching retirement were unprepared; 47 percent of those over 65 did not have a plan. The reasons varied but are familiar to most business owners – respondents said they enjoyed running their company; transition was too far in the future to think about; they were too busy; and/or they planned to keep the company in the family anyway. But it’s never too early to start putting a plan in place. A well-constructed succession plan for the future can help your business in the present in areas such as strategic planning, business valuation, and tax planning. It can help you identify key leadership talent and allow sufficient time to prepare individuals for leadership roles. It also, of course, provides a safety net for unexpected health challenges, family emergencies, and departures of key employees. Click to read more at