Though it can be hard to imagine when you’re landing your first client, applying for a business loan, or opening a second location, there may come a time when you want to or have to stop being a business owner. That said, your business doesn’t have to come to an end because your time as an entrepreneur does (unless you want it to). There are a variety of ways to keep your company going if you step down, all of which require a plan–a succession plan.
In this episode, we talk about what it takes to plan for the continued existence of your business: what you’ll need, who to involve, and how long it takes. We also talk about exit strategies, startup narratives, the potential consequences of short-term thinking, and one thing you can do now to prepare for the future of your business, whatever that looks like.
As always, we want to hear from you: do you have a succession plan? How do you imagine the future of your business?
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Mentioned on the show:
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What is succession planning, anyway?
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What are the pillars or steps of a succession plan?
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The relationship between succession planning and an exit strategy
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What happens if I don’t have a succession plan? Also,some family business survival statistics.
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The E-Myth (book)
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From emyth.com: How to Build a Business That Doesn’t Depend on You: part 1, part 2, part 3, part 4
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How business valuation can help with succession planning and with choosing the best way to transfer ownership of your company
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The role of managers in succession planning
Bonus links:
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Research on succession planning from the Harvard Business Review
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Another sample template, and 5 steps to creating a succession plan
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5 ways to transfer ownership of your small business, with pros and cons for each
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Because nonprofits need plans, too: A toolkit for nonprofit succession planning from the Kansas City Federal Reserve
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