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Small Business Administration, nearly 70% of small business owners lack a real succession plan.My family’s business, Beauty By Dolly, was almost a victim of this mentality.Know Why You Are Planning Now By keeping in mind why you are drafting your plan, decision-making becomes more efficient.
Evaluate what could have been done better in the past, then strategize as a team to decide how the plan can address this.
When we began preparing the succession plan for the Beauty By Dolly, my mother and aunt decided they wanted someone who would aggressively shift a local company to a national brand.
Lean on the expertise of those who can round out your strengths and help you get where you want to go.
Succession planning creates a structure to put the right players and training in place for your company’s legacy to continue.
Our Succession Planning template, which is available in this free download, will walk you through what is required at each stage of the succession process along with some helpful tips to get you started.
offers a simple and cost-effective way to build a robust Succession Planning process and ensure your organization’s leadership is positioned for success and prepared for the unknown.
Although we were running a successful business, we hadn’t considered what the future could and would bring.
Our family members’ livelihoods and retirements were at stake if we continued to focus solely on the day to day.
Having professional advisors took a tremendous amount of stress off our shoulders and allowed me to be mentored in areas I felt unsure about.
Set Succession Plan Goals Together Current leadership and the future successor should set shared goals for the future of the business.