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When is the Best Time to Make a Succession Plan? Now!


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4/14/2013
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Many small business owners avoid forming a succession plan—some don’t like thinking about a day when they will not run their business, others believe they are too busy, and still others don’t think that they need to worry about succession quite yet. However, it is simply never too early to form a business succession plan, especially if you care about the long-term success of your business or if you own a family business. 

Here are seven reasons that you should start thinking about your business succession plan now: 

  • It will increase the chances that your business will survive and thrive after your departure. 
  • It will be in place in case of a sudden health issue or other emergency. 
  • It will give you time to begin to train and educate any successors. 
  • It gives you an opportunity to make your business succession strategy smoother and less rushed. 
  • It avoids a forced, panicked, or quick decision that might not be the best long-term plan.
  • In the case of a family business, it gives you an opportunity to explain your choices to your relatives and establish family accord. 
  • It gives the opportunity to form a timetable of actions and milestones. 

Letting go of your business can be both emotional and complex—but making a succession plan can help ease your fears about the future and give you comfort that you have prepared your employees, family, and customers for what is to come. If you would like help developing a business succession plan, contact the Posey Law Firm today. Our Austin business attorneys can assist you in forming a plan that is right for you and your company. Call us toll-free: 888-269-1962. 



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