Are you considering moving on or selling your company? Or, maybe you are thinking about leaving your business to your children or a qualified employee and retiring. Before you step down from the company you built from the ground up, it is important that you make a smooth transition and a graceful exit to ensure your company continues to thrive after you are gone.
Careful planning during a transition period can include:
- Creating a succession plan. It is critical that you have a succession plan in writing so that when you chose to step down or sell your business, your wishes will be spelled out. Additionally, if you pass away unexpectedly, having a succession plan in place will ensure your family’s well-being and help your company continue to thrive even though you may be gone.
- Choosing a successor. It’s not enough to just choose an employee or one of your children to take over your business, you need to train and groom your successor in the business’s operations so that you can pass on your knowledge. Get the successor training in areas that she may be weak in, and know that grooming a successor can take several months; don’t try to rush it.
- Communicating who the successor is. Tell your workers, employees, vendors, and clients who you picked as your successor. Let them know that you are confident in this person’s abilities to take over your business.
For help preparing a business succession plan in Texas, call the Posey Law Firm to speak with a knowledgeable Austin business attorney today in a complimentary consultation toll-free at 888.269.1962 or locally at 512-646-0828.
