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Succession Planning is an Essential Part of Long-Term Success

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Succession Planning is an Essential Part of Long-Term Success

Business succession isn’t always an easy process. Even if you have a plan in your head for succession, that plan could go badly awry if you don’t have the right documentation and agreements in place to make your plan a reality. And if you don’t have a succession plan, you could be looking at months or years to craft a viable exit strategy - which can be a big problem if you’re unexpectedly injured or undergo a life-changing event. Now is the time to establish a transition strategy for your business, and plan for retirement, the sale of your business or unexpected contingencies.

What Happens if You Don’t Have a Succession Plan?

Failure to establish a succession plan can cause a huge range of issues. Some are reasonably simple to resolve, but some could be complex and could ultimately sink your business. Failure to plan for succession may lead to:

  • The person you had in mind is unavailable
  • Your successor is unprepared or untrained
  • Your company or board objects to your successor
  • Your company revenue and assets diminish and your company becomes a liability
  • You can’t move quickly enough on a potential sale opportunity and you miss it
  • You can’t find a qualified, viable successor

In the best of these scenarios, you’re forced to hang on longer until a viable successor or sale opportunity materializes - which may not be possible if you’ve been injured or have undergone a life-changing event. In the worse of the scenarios, though, your company could be seriously impaired, with a major loss of revenue and profitability - and could ultimately be destroyed, with all of your hard work and sacrifice down the drain.

It’s important to test out various scenarios to prepare a thorough, viable succession plan. Give us a call here at The Posey Law Firm, PC by caling 1-888-269-1962 to discuss your transition strategy and put a sound plan in place to protect your company’s future.

Category: Business Succession Planning

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